Stock Market Update: Sensex, Nifty lose over 200 and 60 points respectively

The domestic stock market on Wednesday closed on a negative note. At close, the S&P BSE Sensex was down 247.68 points at 39,502.05, while Nifty was down 67.70 points at 11,861.10. About 1051 shares have advanced, 1493 shares declined, and 156 shares are unchanged.

Sun Pharma, Bharti Infratel, TCS, GAIL and HCL Tech were major gainers on the Nifty, while JSW Steel, SBI, Tata Steel, Cipla and Zee Entertainment were major losers. Among the sectors, except IT all other indices are trading in the red led by PSU Bank, infra, auto, metal, energy, FMCG and pharma.

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However, the markets took a jump of over 140 points in the late afternoon trade as former finance minister Arun Jaitley wrote a letter to Prime Minister Modi, expressing his wish to opt out of Cabinet.

In the morning, domestic bourses opened on a negative note with benchmark indices Sensex trading 89.75 points down at 39,659.98 and Nifty down 14.80 points at 11,931.95. In the early trade, the rupee depreciated by 15 paise to 69.84 against the US dollar. The rupee had also opened weak at 69.77 at the interbank forex market and then fell further to 69.84, down 15 paise over its last close.

Global markets plunged Wednesday after the European Central Bank said a growth slump that could be caused by rising trade tensions is the biggest risk to financial stability in the eurozone. Bourses elsewhere in Asia ended in the red, and those in Europe were also trading significantly lower in their early deals. Meanwhile, the Indian rupee depreciated 18 paise to 69.87 against the US dollar. Brent crude, the global benchmark, dropped 2.16 per cent to 67.19 per barrel.

On Tuesday, the Sensex and Nifty closed on a positive note. While the Sensex closed up by 66.44 points at 39,749.73, Nifty up by 4 points at 11,928.75.