Stock Market LIVE: Sensex tanks over 600 pts, Nifty holds 17,400; Infosys slips 2%

Indian market surged for the third straight session on Thursday amid positive global cues. Sensex closed 460 points higher at 58,926 and Nifty rose 142 points to end at 17,605.

Here's a look at the latest updates of the market action on BSE and NSE today.

9:16 am: Market opening

The equity benchmark Sensex tanked over 600 points to 58,289.21. Likewise, Nifty fell over 200 points to 17,400.30.

Infosys was the top loser on Sensex, followed by Wipro, Tech Mahindra, HCL Tech and HDFC.

NTPC and Nestle India were the only gainers.

9:05 am: Global updates

Wall Street ended sharply lower on Thursday after US consumer prices data came in hotter than expected and subsequent comments from a Federal Reserve official raised fears the US central bank will hike rates aggressively to fight inflation.

The Dow Jones Industrial Average fell 1.47 percent to end at 35,241.59 points, while the S&P 500 lost 1.81 percent to 4,504.06. The Nasdaq Composite dropped 2.1 percent to 14,185.64. It was the seventh time in 2022 that the Nasdaq lost more than 2 percent in a session.

In Asia, the Nikkei Weighted index was up 0.42 per cent and Hang Seng was trading 0.09 per cent lower. Shanghai Composite was up 0.33 per cent.

8:55 am: Pre-market comment by Mohit Nigam, Head - PMS, Hem Securities 

Benchmark Indices are expected to open on a negative note as suggested by trends on SGX Nifty. US stock markets ended sharply lower on Thursday after US consumer prices data came in hotter than expected and subsequent comments from a Federal Reserve official raised fears the US central bank will hike rates aggressively to fight inflation. NASDAQ was down by 2.1% to 14185.64 levels. 

Asian markets are trading on the downside as investors are reacting to losses seen overnight in the US market after the release of the US consumer inflation report.  Hang seng index is trading 0.62% lower, Shanghai composite down by 0.52%.

Oil prices eased early on Friday as hot US inflation fanned worries about aggressive interest rate hikes and as investors await the outcome of US-Iran talks that could lead to increased global crude supply.

Results today: ONGC, Divis Labs, Ashok Leyland, Motherson Sumi Systems, Oil India, India Cements, Allcargo Logistics, Anupam Rasayan, Apollo Hospitals Enterprise, Arvind Fashions, Bajaj Hindusthan Sugar, Balaji Telefilms, Mrs Bectors Food Specialities, Brookfield India Real Estate Trust REIT, Dhanlaxmi Bank, Force Motors, Fortis Healthcare, Glenmark Pharmaceuticals, Godrej Industries, Honeywell Automation, HUDCO, Indigo Paints, Inox Wind, Jaiprakash Power Ventures, Kalpataru Power Transmission, Mazagon Dock Shipbuilders, Metropolis Healthcare, MOIL, Nazara Technologies, NHPC, Power Finance Corporation, Puravankara, RateGain Travel Technologies, Shree Renuka Sugars etc

On the technical front, 17,420 and 17,650 are immediate support and resistance in Nifty 50. For Bank Nifty 38,500 and 39,200 are immediate support and resistance respectively.

8:40 am: Rupee update

The rupee declined by 10 paise to close at 74.94 (provisional) against the U.S. dollar on Thursday after the Reserve Bank of India kept key policy rates unchanged and said it will continue with the accommodative stance.

The RBI kept the benchmark lending rate unchanged for the 10th time in a row at 4 per cent. The Monetary Policy Committee decided to keep the reverse repo rate unchanged at 3.35 per cent.

8:35 am: FII and DII action

Foreign institutional investors (FIIs) sold shares worth Rs 1,732.58 crore on February 10, and domestic institutional investors (DIIs) bought shares worth Rs 2,727.23 crore, as per provisional data available on NSE.

8:30 am: SGX Nifty

The Indian equity market is likely to open on a negative note as SGX Nifty was down 169 points at 17,428.

Singapore Nifty (SGX Nifty) is the Indian Nifty index that is traded in On Tuesday, Sensex closed 187 points higher at 57,808 and Nifty rose 53 points to 17,266. In the last three sessions, Sensex lost 1,937 points and Nifty plunged 567 points.the Singapore Stock Exchange and is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Thursday

Indian market surged for the third straight session on Thursday amid positive global cues. Sensex closed 460 points higher at 58,926 and Nifty rose 142 points to end at 17,605.

Tata Steel was the top Sensex gainer, rising 2.11 per cent, followed by Infosys, HDFC Bank, HDFC and Kotak Mahindra Bank.

Maruti, Nestle, Ultratech Cement and RIL were the only Sensex losers, falling up to 1.64%. BSE mid cap and small cap indices rose 74 points and 13 points, respectively.

On the sectoral front, banking , IT and metal stocks led the gains today with their BSE indices ending 474 points, 353 points and 278 points, respectively.