Stock Market Today: Sensex falls 600 pts, Nifty drops below 23,450; Tata steel top loser

Indian stock market benchmarks opened sharply lower on Wednesday, tracking weak global cues and cautious investor sentiment ahead of key global economic developments.

The BSE Sensex fell 598.59 points, or 0.80 per cent, to 74,602.26 at the opening bell on May 20. The index opened at 74,806.49 against its previous close of 75,200.85.

The NSE Nifty 50 also started the session in the red. The benchmark index declined 192.20 points, or 0.81 per cent, to 23,425.80. It opened at 23,457.25 compared to the previous close of 23,618.00.

Broader markets, sectoral indices decline

In the broader markets, the Nifty MidCap and Nifty SmallCap indices were down 0.83 per cent and 1.09 per cent, respectively, in early trade.

Sector-wise, most indices traded in the red. The Nifty Realty, Nifty PSU Bank, Nifty Chemical and Nifty Auto indices witnessed the sharpest decline, while the Nifty Pharma index outperformed the broader market.

The Nifty Auto index slipped 1.30 per cent, while Nifty FMCG declined 0.90 per cent. Nifty Media tanked 1.96 per cent and Nifty PSU Bank lost 1.27 per cent. Nifty Private Bank was down 0.92 per cent, while Nifty Realty declined 1.78 per cent. Nifty Consumer Durables and Nifty Metal also traded lower.

US-Iran tensions, bond yields in focus

Investor sentiment remained weak after US President Donald Trump threatened Iran with a “big hit” if no agreement is reached soon. Persistent US-Iran tensions triggered concerns over higher inflation, pushing US bond yields sharply higher. Yields on longer-dated US securities climbed to multi-decade highs.

Market participants are also closely watching upcoming earnings from AI-chip giant Nvidia for cues on the strength of the global artificial intelligence-led rally, which has remained one of the few strong themes in global equities.

Meanwhile, the Indian rupee opened at a fresh low of 96.88 against the US dollar. Brent crude oil prices also remained elevated near USD 110 per barrel, adding to inflation concerns.

Asian markets trade weak

Other Asian markets also traded lower in early deals. Japan’s Nikkei declined 1.59 per cent, Singapore’s Straits Times fell 0.82 per cent, Hong Kong’s Hang Seng slipped 0.65 per cent, while South Korea’s KOSPI index dropped 2.42 per cent.

Q4 results today

Several major companies are scheduled to announce their March quarter earnings on Wednesday, including Grasim Industries, Samvardhana Motherson International, Apollo Hospitals Enterprise, Bosch, Jubilant FoodWorks, Metro Brands, Honeywell Automation India and Ola Electric Mobility.