New Delhi: Share Market today closed in red as the BSE Sensex slumped 456 points, tracking losses in index majors Reliance Industries, Infosys and ICICI Bank. BSE Sensex ended 456.09 points or 0.74 per cent lower at 61,259.96. Similarly, the NSE Nifty dropped 152.15 points or 0.83 per cent to 18,266.60, as per a PTI report.Also Read - Omicron Spooks Share Market. Sensex Plunges 949 Points, Nifty 50 Drops Below 16,950
Share Market Today – Top Stocks
- On Wednesday, Titan was the top loser in the Sensex pack, shedding around 3 per cent, followed by HUL, NTPC, Bajaj Finserv, L&T and PowerGrid, as per the PTI report.
- On the other hand, Bharti Airtel, SBI, IndusInd Bank, Bajaj Finance and Axis Bank were among the gainers, PTI reported.
Elsewhere in Asia, bourses in Hong Kong and Tokyo ended with gains, while Shanghai and Seoul were in the red. Stock exchanges in Europe were trading mixed in mid-session deals. Meanwhile, international oil benchmark Brent crude slipped 0.82 per cent to USD 84.38 per barrel, PTI reported. Also Read - IRCTC Share Price Soars After Collaboration With redBus. Details Here
Stock Market Analysis
Markets remained under pressure and lost nearly a percent amid mixed cues. Initially, the benchmark opened flat, tracking favourable global cues but profit taking in the select index majors pushed the benchmark lower as the day progressed. Consequently, the Nifty index closed around the day’s low to settle at 18,266.6 levels. The broader markets also witnessed heightened selling pressure and both midcap and smallcap lost nearly 2 per cent each. Among the sectoral indices, most of the indices, barring banking, closed in negative wherein metal, oil & gas and realty were the top losers, Ajit Mishra, VP – Research, Religare Broking Ltd, said. Also Read - Paytm Share Price: JM Financial Gives 'Sell' Call For Stocks With Target Price Of Rs 1,240
The tepid start to the earnings season has led to profit taking and global cues have also not been very encouraging. Going ahead, we expect choppiness to continue due to the weekly expiry and the scheduled earnings of some of the index majors so it’s prudent to restrict leveraged positions for the time being and let the markets stabilize, Ajit Mishra stated.
The Indian rupee has recovered today after testing 15-month lows last week, amid softness in the dollar index and as the risk on sentiments have buoyed global equities to record highs. The greenback has drifted to three-week lows against other major currencies as markets re-calibrate faster rate hikes in other countries and amid signs of weakening economic activity in the US. A retreat in crude oil prices from multi-year highs is also providing some cushion to the domestic currency. Moving ahead, the domestic currency looks to remain underpinned by the key support zone of 75.50-60 and can witness appreciation in coming days towards the 74.70 mark, Sugandha Sachdeva, VP- Commodity & Currency Research, Religare Broking stated.