Stock Market Updates: Sensex Down 400 pts, Nifty Below 19,300; Jio Fin Tanks 5%

Sensex Today: Domestic markets started Friday’s trade on a weak note amid tepid global cues.

Benchmark indices the S&P BSE Sensex dropped over 400 points to trade around 64,805 levels, whereas Nifty50 skid over 100 points to trade below 19,300 levels.

Broader markets, too, sunk in red, with Nifty Midcap 100 and Nifty Smallcap 100 indices declining up to 0.4 per cent.

All sectors traded in negative territory. Nifty PSU Bank and Nifty Metal indices were the worst hit as they fell up to 0.8 per cent.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The market is delicately poised waiting for triggers. The transient role of sentiments was evident yesterday when the market couldn’t sustain the enthusiasm triggered by the successful Chandrayaan-3 mission and its positive impact on stocks related to the mission.”

The message from the Fed chief Jerome Powell tonight will be keenly watched for any clues on the future trajectory of interest rates in the US. The Fed chief is unlikely to indicate that the rate hiking cycle is coming to an end, he said.

“An unhealthy trend in the market is the sustained rise in the prices of many small-and micro-cap stocks. This is partly aided by the sustained flow of funds into the small-cap segment. Valuations in the segment are approaching risky levels. Safety is now in large-caps,” he added.