Stock Market Today: Sensex Falls Over 400 Points; Nifty Below 22K. OMCs Slip 5 Per Cent
Stock update: On the 30-share Sensex platform, NTPC, M&M, Axis Bank, Infosys, Tata Motors, Wipro were among losers. On the flip side, Bajaj twins, ITC, TCS, Airtel, Titan emerged gainers
The two key equity benchmarks, Sensex and Nifty, on Friday opened lower, tracking subdued global sentiment. At 10.10 am, the BSE Sensex fell 410 points to 72,688. On the other hand, the NSE Nifty50 was trading at 21,999, down 147 points.
On the 30-share Sensex platform, NTPC, M&M, Axis Bank, Infosys, Tata Motors, Wipro were among losers. On the flip side, Bajaj twins, ITC, TCS, Airtel, Titan emerged gainers.
In the broader markets, the BSE Midcap and Smallcap indices advanced up to 0.8 per cent.
#ABPStockMarketWatch | Sensex and Nifty opened lower, tracking subdued global sentiment, on Friday
— ABP LIVE (@abplive) March 15, 2024
At 10:06 AM, #Sensex fell 415 points to open at 72,682, and #Nifty dropped 145 points to open at 22,002
Here's a look at the stocks in focus:#ABPLive #OpeningBell #MarketWatch pic.twitter.com/Xpumz6OwJl
Among specific stocks, OMC such as HPCL, Indian Oil, and BPCL dropped 2-4 per cent after the Centre cut prices of petrol and diesel by Rs 2 per litre from Friday. Paytm, on the other hand, hit the 5 per cent upper circuit after NPCI allowed it to operate as a third party application provider on UPI.
Sectorally, auto, oil & gas, metal, IT, power, capital goods declined by 0.5-1 per cent.
In the previous session on Thursday, the BSE Sensex rose 335 points to close at 73,097, while the NSE Nifty50 closed at 22,151, up 153 points
"The rebound in the market yesterday after the Wednesday crash is unlikely to be sustained. Brent crude rising to $85 and the 10-year US bond yield spiking to 4.29 per cent are headwinds for the market. Results of the stress tests conducted by the mid and smallcap schemes of mutual funds expected today will be keenly watched by the market," said V K Vijayakumar, chief investment strategist, Geojit Financial Services.
In the Asian markets, trading saw declines in Seoul, Tokyo, Shanghai, and Hong Kong, while in the US, markets closed in the negative zone on Thursday.
According to exchange data, Foreign Institutional Investors (FIIs) sold off equities valued at Rs 1,356.29 crore on Thursday.
The global oil benchmark, Brent crude, experienced a slight decrease of 0.18 percent, settling at $85.27 per barrel.
Simultaneously, the Indian rupee weakened by 12 paise to reach 82.96 against the US dollar in early Friday trading, influenced by the strength of the American currency and a downward trend in local equities.
Forex traders cited foreign fund outflows and the persistently high crude oil prices in the global market as factors dampening investor confidence.
Interbank foreign exchange data revealed that the rupee began trading at 82.95 against the dollar, touching a low of 82.96 initially, marking a decrease of 12 paise from its previous close.
On Thursday, the rupee had depreciated by 3 paise, closing at 82.84 against the US dollar.
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