Stock Market Today: Sensex Rises 270 Points; Nifty Tests 21,600 Amid Volatility. L&T Slips 6 Per Cent

Stock update: On the 30-share Sensex platform, Tata Motors, M&M, UltraCemco, RIL, Maruti, Tata Steel emerged gainers. On the down side, L&T, Titan, Airtel, PowerGrid, Infosys, Wipro emerged losers

Sectorally, capital goods index dropped 2 per cent and bank was down 0.5 per cent. On the other hand, auto, metal, oil & gas and power indices rose 0.5 per cent each.

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The two key equity benchmarks, Sensex and Nifty, on Wednesday were trading in a volatile zone amid tepid Asian cues, a day ahead of the interim Budget. At 10 am, the BSE Sensex rose 7275 points to 71,415. On the other hand, the NSE Nifty50 was trading at 21,603, up 81 points. Investors are eyeing the two events lined up ahead, the interim Budget and the US Fed interest rate decision, to derive further cues from.

On the 30-share Sensex platform, Tata Motors, M&M, UltraCemco, RIL, Maruti, Tata Steel emerged gainers. On the down side, L&T, Titan, Airtel, PowerGrid, Infosys, Wipro emerged losers. L&T was the main loser, down 6 per cent after announcing its Q3 results.

Sectorally, capital goods index dropped 2 per cent and bank was down 0.5 per cent. On the other hand, auto, metal, oil & gas and power indices rose 0.5 per cent each.

In the previous session on Tuesday, the S&P BSE Sensex tumbled 802 points to close at 71,139, while NSE Nifty50 declined 216 points to end at 21,522.

"The US Fed decision tonight and the interim budget tomorrow will weigh on markets in the near-term. Global markets will be keenly watching the Fed comment on the timeline and quantum of rate cuts," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading lower. China's Shanghai Composite and Hang Seng tumbled over 1.5 per cent each. Japan's Nikkei was down 0.5 per cent. Kospi and Taiwan were down 0.3 per cent. The US markets ended mostly down on Tuesday. 

Global oil benchmark Brent crude declined 0.45 per cent to $82.50 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,970.52 crore on Tuesday, according to exchange data.

Meanwhile, the rupee was trading in a narrow range against the US dollar in early trade on Wednesday, as market participants remained cautious ahead of the interim budget that will be released on February 1. Forex traders said the rupee was trading in a narrow range as the strength of the American currency in the overseas market and foreign fund outflows weighed on investor sentiments.

At the interbank foreign exchange, the rupee opened at 83.11 against the dollar and then touched a high of 83.10, and a low of 83.12. On Tuesday, the rupee appreciated 6 paise to settle at 83.10 against the US dollar.