Share market live update: The Indian stock markets closed Wednesday’s trade in the negative territory with the BSE Sensexslumping over 590 points intra-day and closing below the 36,000 level, down 550.51 points or 1.51% at 35,975.63 points. The Nifty tanked 150.05 points or 1.36% to end at 10,858.25 points. According to market observers, higher crude oil prices, along with a weak rupee and negative global cues, hurt investors’ risk-taking appetite.
M&M was the top loser on Wednesday, closing 7% lower. Tata Consultancy Services (TCS) alone wiped off 100 points from the BSE Sensex index, followed by Reliance Industries (-85.32 points), ICICI Bank (-68.11), Infosys (-63.49), M&M (-52.93) and Axis Bank (-41.40). Yes Bank was the top gainers on the Sensex, which closed 5.79% higher. Out of 2,818 companies trading on the BSE, 1,450 companies advanced while 1,215 stocks declined on Wednesday.
The BSE Sensex tumbled over 500 points in the last hour of trade on Wednesday on massive sell-off across all sectors led by auto, banking and IT shares. The NSE Nifty tested the 10,900 level as selling intensified. The Indian rupee breached the 73 per US dollar mark for the first time today and continued to trade on a weak note at 73.17 against the US dollar, Bloomberg data showed. After a positive start to the day, Sensex shed 150 points in the early trade, even as the broader Nifty fell below the 11,000-mark.
In global markets, Asian shares traded lower on Wednesday and the euro held at six-week lows as Italy’s mounting debt and Rome’s budget plan set it on a collision course with the European Union, Reuters reported. Japan’s Nikkei eased 0.1 per cent on a stronger yen while South Korea’s KOSPI index slipped 1.3 per cent.