Stock Market Updates: Sensex Falls Over 900 Points, Nifty Down 25,000; IT Stocks Drag
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Indian equity benchmarks, Sensex and Nifty, are poised for a cautious yet positive start on Thursday
Stock market updates
Sensex Today: After opening in green, benchmark indices Sensex and Nifty dropped sharply in the afternoon. Sensex fell over 900 points or 1.10 per cent to trade around 81,600, while Nifty shed 289 points or 1.11 per cent to drop below 25,000-mark. Major losers in Nifty 50 index were Tata Motors (-3.14 per cent), L&T (-2.62 per cent), Coal India (-2.54 per cent).
The sharp drop is attributable to escalating tensions between US and Iran. White House decided to evacuate its staff in Iraq’s embassy.
US Central Command (CENTCOM) said in a statement on Wednesday that Defense Secretary Pete Hegseth had authorised the departure of military dependants in the region and that CENTCOM was “monitoring the developing tension”.
By mid-session, the BSE Sensex had declined 136 points, or 0.16%, to 82,379, while the Nifty50 was down 44 points, or 0.17%, at 25,098.
Among the Sensex constituents, Asian Paints, Bajaj Finserv, Sun Pharma, Bajaj Finance, and NTPC were the top gainers. On the other hand, Infosys, Eternal, Tata Motors, Mahindra & Mahindra, and Hindustan Unilever were the leading losers.
In the broader markets, both Nifty MidCap and Nifty SmallCap indices traded in the red, down 0.34% and 0.3%, respectively.
Sectorally, Nifty Pharma was the only index to post gains, rising 1%. In contrast, Nifty IT remained under pressure, falling 0.7%.
Domestic Focus
CPI Data in Spotlight India’s consumer price inflation for May is expected to have cooled to a six-year low of 3%, aided by a favourable base and easing food prices, according to a Reuters poll. This aligns with the RBI’s surprise 50 basis point repo rate cut last week, aimed at supporting growth amid a disinflationary trend.
Global Market Cues
Asia-Pacific markets traded mixed on Thursday as investors evaluated the US President Donald Trump’s announcement that a trade agreement with China was ‘done,’ though key details and implications left room for caution.
Trump indicated that Chinese imports would face a total tariff rate of 55 per cent, a level later confirmed by the US Commerce Secretary Howard Lutnick.
Last checked, Nikkei was down 0.75 per cent, while the broader Topix dropped 0.43 per cent. ASX200 was trading flat with a negative bias. Kospi, bucking the trend, rose 0.4 per cent.
Meanwhile, US stock futures edged lower as markets digested the tentative trade deal and fresh inflation data. Futures tied to the S&P 500 and Nasdaq 100 were down 0.2 per cent, while Dow Jones futures dropped 0.2 per cent.
The US consumer price index (CPI) rose just 0.1 per cent in May, below the 0.2 per cent forecast, while core CPI, which strips out food and energy, also came in weaker than expected. The modest inflation reading added to the cautious tone across global markets.
On Wall Street, major indexes closed slightly lower overnight, pausing after a recent rally. Dow Jones ended flat with a negative bias, S&P 500 slipped 0.27 per cent, and Nasdaq closed 0.5 per cent lower. President Trump noted on Truth Social that the trade deal with China is “done, subject to final approval with President Xi and me.” The deal reportedly includes upfront Chinese supply of rare earths and magnets, while the US will ease restrictions on Chinese students studying in the US. Trump further said, “We are getting a total of 55 per cent tariffs, China is getting 10 per cent.”
Additionally, US PPI and core PPI figures for May, and initial jobless claims for the week ended June 7 will also be eyed.
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
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