Final Trade: Sensex gives up 330 points, Nifty slips below 23,100

Indian equities in a volatile trading session after a positive opening gained further but towards the close of the session retreated lower amid broad-based selling pressure. At the close, the broader Nifty50 index slipped to 23,092.2, down 0.49 per cent or 113.15 points, while the BSE 30-share index Sensex gave up 0.43 per cent or 329.92 points and settled at 76,190.46.

Broader markets, meanwhile, corrected steeply with the Nifty Midcap 100 and Nifty Smallcap 100 indices ending 1.55 and 2.35 per cent lower, respectively.

Persistent FII sell-off and weak third-quarter performance is weighing on the D-Street currently.

Sectorally, all the indices barring IT and FMCG traded in the red, with oil & gas, realty and pharma leading the losses.

From the Nifty pack, top gainers in a highly choppy session were stocks like Hindustan Unilever, Britannia, Eicher Motors, Grasim and Tata Consumer Products, while losers in trade were counters including, Dr. Reddy's Laboratories, Trent, Adani Enterprises, M&M and BPCL.

Vinod Nair, Head of Research, Geojit Financial Services commented that, "The market is haywire, with sentiment so weak that even results in-line with expectations are triggering selloffs. While the broader market is under pressure, positively, large-cap stocks are showing some resilience. From the taper-tantrum to geopolitical risks, the Indian market has borne numerous challenges in its history."

Similarly, the ongoing appreciation of the USD could reverse once market yields flatten out, as the Trump administration is to sustain is slowing. This negative market bias is not expected to persist for long. For long-term investors, this is not the time to sell but rather be patient and adopt an accumulation strategy, he added.

Stocks in action

Dr. Reddy's shares plunged 5 per cent following the company's gross margins fell 160 bps during the December quarter on a sequential basis.

Shriram Finance shares slipped over 1 per cent to Rs 524 following the company's Q3 show.

European markets

European markets traded mixed with the UK's FTSE down, while the German DAX and France's CAC were up up to 0.99 per cent. The market mood is largely upbeat as European companies are slated to deliver a third straight quarter of profit growth.