Stock Market Today: Sensex Sheds 434 Points, Nifty At 22,055. ZEE Tanks 14 Per Cent

Stock update: On the 30-share Sensex platform, NTPC, PowerGrid, Wipro, HCLTech, L&T, TechM emerged losers. Tata Steel, SBI, JSW Steel, IndusInd Bank, Sun Pharma, Maruti were among the gainers

In the broader markets, the BSE Midcap index dropped 1.27 per cent. Meanwhile, the BSE Smallcap index fell 0.84 per cent.

The two key equity benchmarks, Sensex and Nifty, on Wednesday snapped their six-day winning run after the markets turned sharply lower during fag-end trading. The S&P BSE Sensex fell 434 points to end at 72,623. On the other hand, the Nifty50 closed shop at 22,055, down 142 points. The indices hit intraday lows of 72,451, and 21,998, respectively.

On the 30-share Sensex platform, NTPC, PowerGrid, Wipro, HCLTech, L&T, TechM emerged losers. On the flip side, Tata Steel, SBI, JSW Steel, IndusInd Bank, Sun Pharma, Maruti were among the gainers. Among indiviual stocks, Zee Entertainment shares plunged 14.77 per cent to Rs 164.50 apiece, on the BSE on Wednesday.

In the broader markets, the BSE Midcap index dropped 1.27 per cent. Meanwhile, the BSE Smallcap index fell 0.84 per cent.

Sectorally, Nifty Media index plunged 4.8 per cent, while Nifty IT index dropped 1.7 per cent, and Nifty Pharma by 0.5 per cent. On the contrary, Nifty Realty index jumped 1.96 per cent.

In the previous session on Tuesday, the S&P BSE Sensex closed at 73,057, up 349 points, while the NSE Nifty50 shut shop at 22,197, up 75 points.

Vinod Nair, the Head of Research at Geojit Financial Services, has pointed out that the Indian market is encountering significant resistance at higher levels, with the broader index valuation holding a considerable premium. This scenario is prompting investors to opt for profit booking due to an unfavorable risk-reward ratio.

Nair highlighted the cautious sentiment prevailing in global markets, with investors awaiting the release of the US Federal Reserve meeting minutes. In China, markets were buoyed by policy interventions. However, concerns linger as investors had heavily anticipated a US Fed rate cut, now jeopardized by higher-than-expected inflation figures for January.

In the commodities market, Brent crude futures, the global oil benchmark, saw a decline of 0.68 percent, settling at $81.78 per barrel.

Across Asia, stock trends varied, while European markets predominantly traded in the negative territory. In the US, Tuesday's trading session concluded with losses.

Foreign Institutional Investors (FIIs) were net sellers on Tuesday, offloading securities worth Rs 1,335.51 crore, according to exchange data.

Meanwhile, the Indian rupee maintained a narrow consolidation, gaining 1 paisa to close at 82.96 (provisional) against the US dollar on Wednesday. This slight appreciation was attributed to easing crude oil prices, although it was offset by a weak trend in domestic equities. Forex traders cited the strength of the American currency in overseas markets and sustained foreign fund outflows as key factors weighing on the local unit.

At the interbank foreign exchange, the rupee opened at 82.90 against the greenback, reaching an intraday high of 82.86 and a low of 82.97. It eventually settled at 82.96 (provisional) against the dollar, marking a marginal increase of 1 paisa from its previous close of 82.97.