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Sensex drops over 100 points; Titan, IndusInd Bank, Bajaj Auto Top Losers

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Titan, IndusInd Bank, Bajaj Auto and HCL Tech lost 1-2 per cent on the BSE

Benchmark indices are trading in the red on Wednesday amid a volatile session amid mixed signals from global markets. The 30-share BSE Sensex has broken over 500 points from the day’s high and as of 1:20 pm, the BSE benchmark index is trading at 59,593.25, down 149.35 points or 0.24 per cent and the NSE Nifty at 17,772.85. , down 46.80 points or 0.25 percent.

The broader markets are trading mixed, with the BSE Midcap index down 0.6 per cent and the BSE Smallcap index down 0.1 per cent.

On the global front, European markets opened on a weak note and Asian markets traded at mixed multi-year high oil prices, causing panic among investors.

In the currency market, the rupee fell 21 paise to 74.65 against the US dollar on Wednesday as rising crude oil prices and a strengthening dollar weighed on investor sentiment.

At the interbank foreign exchange, the rupee opened weak at 74.63 followed by a further fall at 74.65, registering a fall of 21 paise from the previous close. On Tuesday, the rupee had closed at 74.44 against the US dollar.

On the stock-specific front, Titan, IndusInd Bank, Bajaj Auto and HCL Tech lost 1-2 per cent on the BSE. Sun Pharma, Tata Steel and ITC are other significant losers on the BSE.

On the other hand, buying trend is being observed in select banking and financial stocks. HDFC Bank, HDFC, Bajaj Finance, Axis Bank and Kotak Mahindra Bank were the top gainers in the BSE pack with gains of up to 1.5 per cent.

The breadth of the BSE market is weak. Of the 3,363 stocks traded on the BSE, 1,578 are advance shares as against 1,621 declines.

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