Stock Market Today: Sensex Falls 285 Points; Nifty Around 22,350. IT Drags; Tata Motors Up 7%

Stock update: On the 30-share Sensex platform, Infosys, TCS, HCLTech, TechM, HUL, L&T were among the losers

In the broader markets, the BSE Midcap and Smallcap indices were trading almost flat. ( Image Source :Getty )

The two key equity benchmarks, Sensex and Nifty, on Tuesday opened with cuts, tracking losses in global markets. At 10 am, the BSE Sensex fell 285 points to 73,586. On the other hand, the NSE Nifty50 was trading at 22,331, down 75 points.

On the 30-share Sensex platform, Infosys, TCS, HCLTech, TechM, HUL, L&T were among the losers. On the flip side, Tata Motors jumped over 7 per cent as it announced its plans demerge and separately list its CV and PV businesses. M&M, SBI, Airtel, NTPC, Maruti emerged gainers.

1314 shares gained, 1714 shares slipped, while 99 remain unchanged.

#ABPStockMarketWatch | Sensex and Nifty opened with cuts tracking losses in global markets, on Tuesday

At 9:20 AM, #Sensex fell 185 points to open at 73,687, and #Nifty dropped 49 points to open at 22,357

Here's a look at the stocks in focus:#ABPLive #OpeningBell #MarketWatch pic.twitter.com/0MTKvl8uGV

— ABP LIVE (@abplive) March 5, 2024

In the broader markets, the BSE Midcap and Smallcap indices were trading almost flat.

Sectorally, Nifty IT index declined the most by nearly 1 per cent. On the other hand, Nifty Auto gained by 1.5 per cent, followed by realty and PSU Banks.

In the previous session on Monday, the S&P BSE Sensex settled 66 points higher to 73,872, while the NSE Nifty50 was closed at 22,406, up 27 points.

In the Asian markets, Seoul, Tokyo, and Hong Kong experienced declines, while Shanghai saw gains. Conversely, US markets closed in the negative territory on Monday.

Brent crude, the global oil benchmark, experienced a slight decrease of 0.18 percent, reaching $82.64 per barrel.

According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth Rs 564.06 crore on Monday.

Meanwhile, in early Tuesday trading, the rupee weakened by 2 paise to 82.92 against the US dollar. This was attributed to the US dollar strengthening against major currencies globally and the outflow of foreign funds from Indian capital markets.

Despite a downward trend in crude oil prices providing some support to the Indian currency, its performance was weighed down by subdued sentiment in the equity markets, as noted by forex traders.

At the interbank foreign exchange, the rupee opened at 82.90 against the greenback and further slipped to 82.92, reflecting a 2 paise decline from its previous close. On Monday, the rupee concluded 1 paise lower at 82.90 against the US dollar.