Stock Market Trades Flat: Sensex Down 53 Points, Nifty Below 18,050 Amid High Volatility. Bajaj Finance Tanks 6%

Stock update: On the 30-share Sensex platform, Bajaj Finance was the prime loser, down over 6%. Bajaj Finserv, PowerGrid, IndusInd Bank, Axis Bank, HDFC Bank, ICICI Bank, were also trading the red

In the broader markets, the BSE MidCap and SmallCap indices added 0.11 per cent and 0.3 per cent, respectively.

The key equity benchmarks, Sensex and Nifty, were oscillating between gains and losses on Thursday early morning trade tracking high volatility.

At 9.50 am, the S&P BSE Sensex was down 53 points to 60,603, while broader NSE Nifty was trading at 18,038, down 5 per cent.

On the 30-share Sensex platform, Bajaj Finance was the prime loser, down over 6 per cent. Bajaj Finserv, PowerGrid, IndusInd Bank, Axis Bank, HDFC Bank, ICICI Bank, and others were also trading the red. On the flip side, NTPC, ITC, Sun Pharma, Nestle, HUL, L&T, and others emerged winners.

Among individual stocks, Bajaj Finance tumbled over 6 per cent even as the company said that new loans booked during Q3FY23 were the highest-ever at 7.8 million as compared to 7.4 million in Q3FY22. However, shares of RBL Bank gained over 2 per cent after the lender's gross advances during the December quarter (Q3FY23) grew 14 per cent year-on-year (YoY) to Rs 68,371 crore.

Shares of Marico also added 1 per cent after the company said the sector witnessed some improvement in demand during the December quarter.

In the broader markets, the BSE MidCap and SmallCap indices added 0.11 per cent and 0.3 per cent, respectively.

Among sectors, the Nifty FMCG index gained 0.7 per cent, while the Nifty Financial Services index dipped 0.2 per cent.

In the previous session on Wednesday, the S&P BSE Sensex closed at 60,657, down 637 points. On the other hand, the broader NSE Nifty shed 190 points (down 1 per cent) to close at 18,043 level.

Meanwhile, the rupee appreciated 9 paise to 82.73 against the US dollar in early trade on Thursday, supported by easing crude oil prices and a firm trend in domestic equities. Forex traders said sustained foreign fund outflows weighed on investor sentiments and restricted the appreciation bias.

At the interbank foreign exchange, the domestic unit opened at 82.75 against the dollar, then gained ground to touch 82.73, registering a rise of 9 paise over its previous close. On Wednesday, the rupee recovered from its all-time low level and settled at 82.82 against the dollar.

Brent crude futures, the global oil benchmark, rose 0.99 per cent to $78.61 per barrel.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 2,620.89 crore, according to exchange data.