Sensex & Nifty close lower; Delta Corp, Nazara Tech shares sink

Hello, I am Neha Vashishth from ET Markets. Welcome to another episode of ET Market Watch. Let's take a look at today's highlights:

-Sensex and Nifty reversed early gains and ended in the red today
-Indices were dragged by IT, banking, and financial stocks, ahead of domestic and US inflation data
- Sensex declined 224 points and settled at 65,393
-Nifty dropped 55 points and closed at 19,384

Gainers and losers
Infosys, Tata Motors, UltraTech Cement, HDFC Bank, NTPC, and IndusInd Bank closed in the red, while Kotak Bank, Asian Paints, Sun Pharma, Nestle, and Titan closed with gains.

Stocks in news today
Shares of online gaming stocks Delta Corp ended over 23% lower after the government imposed a 28% tax on the turnover of online gaming companies.

Shares of Nazara Tech tumbled over 14% in morning trade but recovered most of the losses after it clarified that skill-based real money gaming business contributed only 5.2% of its FY23 revenues.

Sector-wise, Nifty IT and Nifty Bank fell Whereas FMCG, pharma, realty, healthcare, and oil & gas sectors closed higher. In the broader market, Nifty Midcap100 gained 0.43%, and Smallcap100 surged 0.76%.

Global Markets
Asian shares were mixed after stocks advanced on Wall Street ahead of an update on US inflation.

Hong Kong's Hang Seng index jumped 0.9%, while Tokyo's Nikkei 225 dropped 0.8%. In Seoul, the Kospi rose 0.5%.

Oil Impact and Rupee
Oil closed higher due to expectations that supply cuts by the world's biggest fuel exporters will drive prices higher and concerns that global economic weakness will sap demand.

Brent futures gained 26 cents to $79.66 a barrel, and US WTI crude rose 28 cents to $75.11 a barrel. Rupee rose as the dollar continued its slide ahead of US inflation data
The rupee ended at 82.2475 against the dollar...