Stock Market Today: Sensex Down 240 Points, Nifty Around 23,600

Stock Market Today: Global cues were also negative as Asia-Pacific markets fell on Thursday during a volatile trading session.

Stock Market Today: The broader market, represented by the mid-cap and small-cap indices, mirrored the weak trend

Source : PTI

Stock Market Today: The BSE Sensex and Nifty50, India’s key equity benchmarks, opened lower on Thursday. The BSE Sensex traded below the 78,000 mark, while the Nifty50 was under 23,650. At 10 am, the Sensex dropped by 235.61 points, or 0.30 per cent, to close at 77,912.88, while the Nifty fell by 81.30 points, or 0.34 per cent, to settle at 23,607.65. Among the shares traded, 1,587 advanced, 1,487 declined, and 117 remained unchanged.

Global cues were also negative as Asia-Pacific markets fell on Thursday during a volatile trading session. Concerns over persistent inflation raised fears that the Federal Reserve might delay policy easing. Compounding the uncertainty, China's ongoing consumer disinflation further dampened investor sentiment.

Experts suggest that with the dollar index at 109 and the 10-year bond yield at 4.67 per cent, foreign institutional investors (FIIs) are likely to persist with their selling strategy, exerting pressure on the market in the near term. Analysts also expect the market to consolidate, with corporate earnings serving as a key event-based trigger for momentum.

Broader Market

The broader market, represented by the mid-cap and small-cap indices, mirrored the weak trend. While the Smallcap index remained flat, the Midcap 100 index saw a slight decline of 0.2 per cent. In 2024, however, both the Nifty Smallcap 100 and Nifty Midcap 100 indices outperformed, posting solid gains of over 20 per cent, surpassing the Nifty's more modest 9 per cent rise.

Sectorial Update

The Nifty PSU Bank index was the biggest underperformer among sectoral indices, dropping 1 per cent, primarily due to significant losses in SBI, Bank of Baroda, and Union Bank. Private banks also faced selling pressure, with HDFC Bank, ICICI Bank, and Axis Bank slipping by up to 1 per cent. Other sectors, including Nifty Energy, FMCG, Infrastructure, Oil & Gas, and Realty, each saw a decline of around 0.5 per cent.

Rupee Movement

The rupee fell by 1 paisa to a record low of 85.92 against the US dollar in early trade on Thursday, marking its third consecutive session of decline. This drop was driven by a stronger US dollar and rising crude oil prices. Forex traders noted that the ongoing outflow of foreign funds, coupled with surging US bond yields, supported the dollar, while sluggish domestic equity markets further weighed on the rupee.