Stock Market Today: Sensex Falls 500 Points; Nifty Around 21,300. Tech Mahindra Dips 5 Per Cent

Stock update: On the 30-share Sensex platform, TechM, Axis Bank, Sun Pharma, ITC, HCL, HDFC Bank were among the losers. NTPC, IndusInd Bank, HUL, Bajaj Finserv, Bajaj Finserv emerged gainers

In the broader markets, the BSE Midcap and Smallcap indices gained 0.28 per cent and 0.73 per cent, respectively.

Source : Getty

The two key equity benchmarks, Sensex and Nifty, on Thursday were trading in the red due to tepid global mood. At 10.30 am, the S&P BSE Sensex declined 534 points to quote at 70,526. On the other hand, the NSE Nifty50 was trading at 21,303, down 151 points.

On the 30-share Sensex platform, TechM, Axis Bank, Sun Pharma, ITC, HCL, HDFC Bank were among the losers. On the flip side, NTPC, IndusInd Bank, HUL, Bajaj Finserv, Bajaj Finserv emerged gainers.  

In the broader markets, the BSE Midcap and Smallcap indices gained 0.28 per cent and 0.73 per cent, respectively.

Sectorwise, Nifty IT index declined 1 per cent, followed by the Nifty Pharma index (0.54 per cent), and the Nifty Bank (0.4 per cent). On the upside, the Nifty Realty added 1.24 per cent.

The S&P BSE Sensex jumped 690 points at 71,060, while the NSE Nifty50 closed at 21,454, up 215 points.

"Volatility is expected due to the January F&O contracts expiry. Negative catalysts include FIIs selling, WTI oil spiking, and diminishing prospects of the US rate cuts," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

In Asian markets, Shanghai and Hong Kong were quoting in the positive territory, while Seoul and Tokyo traded lower. The US markets ended on a mixed note on Wednesday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 6,934.93 crore on Wednesday, according to exchange data.

Global oil benchmark Brent crude climbed 0.36 per cent to $80.33 a barrel.

Meanwhile, the rupee opened on a flat note against the US dollar in the morning session on Thursday, amid a muted trend in domestic equities. Forex traders said the rupee is trading in a narrow range as rising crude oil prices, strong American currency, and sustained foreign fund outflows dented sentiments.

At the interbank foreign exchange, the rupee opened at 83.13 against the dollar and touched an initial high of 83.11 and an early low of 83.14 against the greenback. On Wednesday, the rupee had settled at 83.12 against the US dollar.