Stock Market Today: Sensex Dips 100 Points; Nifty Tests 21,100. Smallcaps Shine

Stock update: On the 30-share Sensex platform, Axis Bank, L&T, Sun Pharma, ICICI Bank, IndusInd Bank, JSW Steel were among losers. PowerGrid, Wipro, Tata Motors, Tata Steel, RIL, NTPC emerged gainers

The two key equity benchmarks, Sensex and Nifty, on Thursday opened in the red following Wednesday’s steep losses. The two indices, however, pared their early loses. At 10.25 am, the BSE Sensex dropped 100 points to 70,405. On the other hand, the NSE Nifty50 was trading at 21,130, down 20 points.

On the 30-share Sensex platform, Axis Bank, L&T, Sun Pharma, ICICI Bank, IndusInd Bank, JSW Steel were among the losers. On the flip side, PowerGrid, Wipro, Tata Motors, Tata Steel, Reliance, NTPC emerged gainers.

In the broader markets, the BSE Midcap and Smallcap were trading in the positive zone.

Sectorally, auto, bank, realty, capital goods pharma were in the red, while buying is seen in the IT, metal, oil & gas, and power stocks.

This December is now the second-best for public offerings (IPOs) since 1996, with as many as 11 companies collectively raising up to Rs 8,182.70 crore.

In the previous session on Wednesday, the S&P BSE Sensex settled at 70,506, down 931 points, while the NSE Nifty50 ended at 21,150, down 303 points.

In Asian markets, Seoul, Tokyo, and Hong Kong were trading lower, while Shanghai traded in the green. The US markets ended lower on Wednesday.

Global oil benchmark Brent crude declined 0.38 per cent to $79.38 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,322.08 crore on Wednesday, according to exchange data.

In Asia, Japan's Nikkei had dropped 1.5 per cent. Shanghai and Hang Seng declined 1 per cent, while Kospi and Taiwan were down over 0.5 per cent each.

Meanwhile, the rupee declined 4 paise to 83.22 against the US dollar in early trade on Thursday, tracking negative cues from domestic equity markets and sustained withdrawal of foreign funds. Forex traders said lower greenback index weighed in favour of the local currency amid rising concerns over disruption in global trade through the Red Sea route.

At the interbank foreign exchange, the domestic currency opened at 83.19 and lost further ground to touch 83.24 against the greenback. The local unit later traded at 83.22 against the American currency, 4 paise lower from its previous close. On Wednesday, the domestic currency settled at 83.18 against the dollar.