Sensex Drops 200 pts, Nifty Below 17,100; Wipro Tumbles 5% Post Q2 Results

Sensex Today: Domestic equity markets opened lower on Thursday amid weak global cues and subdued foreign flows. Key indices Nifty50 declined over 30 points to trade below 17,100 levels and the S&P BSE Sensex fell over 150 points to trade at 57,470 levels.

Hindalco, HCL Tech, M&M, Tata Steel and Adani Ports were among major gainers on the Nifty, while losers were Wipro, HDFC, TCS, HDFC Bank and ICICI Bank.

Broader markets, however, outperformed benchmark indices as Nifty MidCap 100 and Nifty SmallCap 100 edged up to 0.1 per cent higher. Volatility gauge, India VIX, meanwhile, climbed over 1 per cent.

All sectors started trade on a volatile note. Nifty Metal index gained the most, over 1 per cent. Nifty Bank, Nifty IT indices, meanwhile, declined up to 0.5 per cent.

Among individual stocks, shares of HCL Technologies surged over 3 per cent after the IT major registered 7 per cent YoY rise in consolidated net profit to Rs 3,489 crore in Q2FY23.

Besides, shares of Wipro tumbled over 5 per cent after the company saw 9.3 per cent drop in net profit YoY to Rs 2,659 crore in Q2FY23.

Rupee Opens

Indian rupee opened marginally higher at 81.28 per dollar on Thursday against previous close of 82.31.

Global Cues

Asian stocks followed Wall Street lower and bond yields remained depressed on Thursday as investors weighed the risks of global recession amid hawkish Federal Reserve rhetoric and uncertainty about the Bank of England’s commitment to stabilising markets.

Tokyo stocks opened lower Thursday after Wall Street eased overnight ahead of US inflation data. The benchmark Nikkei 225 index inched down 0.04 percent, or 10.39 points, to 26,386.44, while the broader Topix index slipped 0.21 percent, or 3.95 points, to 1,865.05.

Wall Street’s equity indexes ended Wednesday’s volatile session in the red and the dollar made little progress while bond yields fell as investors digested minutes from the latest Federal Reserve meeting and waited for a key U.S. inflation reading.

Oil prices struggled to find their footing in early Asian trade on Thursday after a weakening global demand outlook depressed the market in the last session.

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