Stock Market Today: Sensex Down 60 Points; Nifty At 22,300 Amid Volatility. IIFL Finance Sheds 20%

Stock update: On the 30-share Sensex platform, NTPC, PowerGrid, Bajaj Finance, Tata Steel, Wipro, TechM were among the losers. ICICI Bank, Axis Bank, IndusInd Bank, HDFC Bank, Nestle emerged gainers

In the broader markets, the BSE Midcap and Smallcap indices sank up to 0.6 per cent.

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The two key equity benchmarks, Sensex and Nifty, on Wednesday are trading in the red amid volatility, tracking losses across global markets. At 10.10 am, the BSE Sensex declined 60 points to 73,617. On the other hand, the NSE Nifty50 was trading at 22,301, down 55 points.

On the 30-share Sensex platform, NTPC, PowerGrid, Bajaj Finance, Tata Steel, Wipro, TechM were among the losers. On the flip side, ICICI Bank, Axis Bank, IndusInd Bank, HDFC Bank, Nestle emerged gainers. Among specific stocks, IIFL Finance plunged another 20 per cent on Wednesday after the RBI action, while JM Financial tanked 14 per cent as the central bank barred it from giving loans against shares and debentures.

In the broader markets, the BSE Midcap and Smallcap indices sank up to 0.6 per cent.

Sectorally, Nifty Financials was the sole gainer, while others are trading lower.

In the previous session on Tuesday, the S&P BSE Sensex fell 195 points to close at 73,677, while the NSE Nifty50 ended at 22,356, down 49 points.

In the Asian markets, Seoul and Tokyo observed declines, while Shanghai and Hong Kong experienced gains. Conversely, the US markets closed lower on Tuesday.

Brent crude, the global oil benchmark, saw a marginal increase of 0.13 percent, reaching $82.15 per barrel.

According to exchange data, Foreign Institutional Investors (FIIs) purchased equities valued at Rs 574.28 crore on Tuesday.

Meanwhile, in early Wednesday trading, the rupee maintained stability at 82.90 against the US dollar despite pressure from the strengthening American currency and fluctuating crude oil prices in international markets.

Forex traders noted that although negative sentiments prevailed in the equity markets, the rupee received some support from fresh inflows of foreign funds.

At the interbank foreign exchange, the domestic currency opened at the previous day's closing rate of 82.90 and fluctuated between 82.89 and 82.91 against the US dollar.

On Tuesday, the rupee closed unchanged at 82.90 against the US dollar.