Stock markets open in red: Sensex tanks 250 points, Nifty around 23,600 in early trade

Stock markets update: Equity benchmark indices declined in early trade on Thursday amid weak trends in Asian markets and unabated foreign fund outflows. In the early trade, the 30-share BSE Sensex fell 250 points to 77,900. Meanwhile, the Nifty also declined 82 points to 23,605.25

Out of the 30 stocks in the Sensex, 23 were in the red today. Key laggards included Tata Motors, L&T, Zomato, Sun Pharma, Tata Steel, Power Grid, SBI, Bajaj Finance, and ICICI Bank. On the other hand, stocks such as Kotak Bank, M&M, Infosys, Asian Paints, ITC, Bharti Airtel, Nestle India, and HUL were among the few gainers, advancing by as much as 1.5 per cent. In the Nifty50 index, only 9 stocks managed to eke out gains, while a large portion, 40 stocks, traded in the negative zone.

Broader market performance

In the broader markets, both the Nifty MidCap and Nifty SmallCap indices saw a decline. The MidCap index dropped by 0.28 per cent, while the SmallCap index fell slightly by 0.06 per cent, reflecting a cautious sentiment among investors.

Sectoral outlook

Among sectors, the Nifty FMCG index showed slight resilience, gaining 0.1 per cent, while the Nifty Media index outperformed, climbing 1 per cent. However, most other indices were in the red. The Nifty Realty index suffered the most, down by 1.4 per cent, followed by a 0.5 per cent drop in the Nifty Metal index and a 0.3 per cent decline in the Nifty Bank index.

Rupee against dollar

Meanwhile, the rupee slipped 1 paisa to its record low of 85.92 against the US dollar in early trade on Thursday, the third straight session of downfall, weighed down by a stronger American currency and higher crude oil prices. 

Forex traders said the relentless outflow of foreign funds amid soaring US bond yields boosted the American currency, while subdued domestic equity markets pushed the rupee down further. At the interbank foreign exchange, the rupee opened at its historic low level of 85.94 and inched up to 85.92 against the greenback in initial deals, trading with a loss of 1 paisa from its previous close.

(With PTI inputs)