Market Live Updates, Sensex Today: Sensex, Nifty Likely To Open Flat Today After Markets Rally For 10 Days

Market Latest Updates: Sensex Tanks Over 700 Points Amid Selloff In Financial, IT Stocks

Stock Market Updates: A selloff in financial and IT shares pulled the markets lower

Domestic stock markets suffered sharp losses on Thursday, and were on course to close lower after 10 days of gain, tracking losses across Asian equities amid diminishing hopes of more stimulus in the US. The Sensex index dropped 708.7 points - or 1.74 per cent - to 40,086.04 at the weakest level in afternoon deals, and the broader Nifty benchmark dropped to as low as 11,780.30, down 190.75 points - or 1.59 per cent - from its previous close. Analysts awaited more financial results from large cap companies for near-term cues, after Infosys - the country's second largest IT services exporter - reported a better-than-expected quarterly profit.

Here are 10 things to know about the markets today:

A selloff in financial and IT shares pulled the markets lower. At 1:50 pm, the Sensex traded 1.66 points - or 1.66 per cent - lower at 40,119.20, while the Nifty was down 166.50 points - or 1.39 per cent - at 11,804.55. (Track Sensex, Nifty Here)
HCL Tech, Tech Mahindra, Bharti Airtel, Bajaj Finance and Infosys, trading between 2.60 per cent and 3.76 per cent lower, were the worst hit among 32 laggards in the Nifty basket of 50 shares. On the other hand, Tata Steel, Hero MotoCorp, Hindalco and JSW Steel, up 1.15-2.52 per cent each, were the top gainers in the index.
Reliance Industries, Infosys, HDFC Bank and TCS were the biggest drags on Sensex, together accounting for a loss of more than 350 points in the index.
Infosys shares fell as much as 3.15 per cent to Rs 1,100.35 apiece on the BSE, having earlier hit a record high of Rs 1,185 a day after the IT major raised its annual revenue growth forecast. Growth in demand for Infosys's digital services during the pandemic boosted its profitability.
"The ongoing volatility is characteristic to bull markets. The psychological mark of 12,000 has obviously attracted some realignment and we have seen the defensive sectors like IT and pharma in the red today," Anand James, chief market strategist at Kochi-based Geojit Financial Services, told NDTV.
The NSE's India VIX index - which gauges the expectation of volatility in the near term - rose as much as 6.67 per cent in the first half of the session. "China's fresh rhetoric on war may have prompted traders to take their eyes off the rally, but with Diwali around the corner, markets look to be betting on earnings surprises to help with the next leg of upsides," Mr James said.
Banking and financial services shares recovered early losses, providing some support to the markets. The Nifty Bank index - comprising stocks of 12 major lenders in the country - climbed up as much as 0.89 per cent, led by gains in private sector lenders Axis Bank and Kotak Mahindra Bank.
On Wednesday, the Supreme Court said any delay in implementing a waiver on "interest on interest" on loans up to Rs 2 crore is not in the interest of the common man. "Common man's Diwali is now in the government's hands," the bench said, , expressing hope that orders will be out before the next hearing, listed for November 2.
The top court was hearing a batch of petitions on whether banks should levy compound interest on borrowers choosing to defer their loan repayments during the coronavirus pandemic.
European share markets tumbled, with the United Kingdom's FTSE 100 benchmark index down 2.07 per cent in early trade, after downbeat comments from US Treasury Secretary Steven Mnuchin that a stimulus deal was unlikely be made before the November 3 vote, and a record number of new coronavirus infections in parts of Europe.