Stock Market Update: Sensex slips 200 pts, Nifty breaks 25,950 as PSB index drops 3%; Rupee breaches 90-mark

Stock Market Update: Indian equities remained under pressure on Wednesday, with benchmark indices slipping for a third consecutive session amid weak global cues and sector-specific drag.

At 12 PM, the BSE Sensex was down 246.04 points or 0.29 per cent at 84,892.23, while the NSE Nifty50 declined 101.6 points or 0.39 per cent to 25,930.6.

Most heavyweight stocks on the Sensex were in the red, including HUL, Titan, Tata Motors PV, NTPC, BEL, Trent, Bajaj Finserv, Kotak Bank, Ultratech Cement, Maruti Suzuki, L&T, Power Grid, and ITC, adding to the overall softness in the market.

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On the flip side, IT majors and select largecaps — TCS, Infosys, Eternal, Reliance Industries, HCL Tech, Axis Bank, Tech Mahindra and Adani Ports — offered some cushion and restricted deeper losses.

In the broader space, the mood was similarly subdued. The Nifty MidCap index slipped 0.22 per cent, while the Nifty SmallCap index fell 0.55 per cent, reflecting broader market weakness.

Rupee sliding helps IT Stocks

The Nifty IT index outperformed as the Indian Rupee weakened further, breaching the 90-mark against the US dollar. A softer rupee typically supports export-oriented sectors, with IT companies earning a large chunk of their revenues in dollars while most costs remain rupee-denominated.

PSU Banks, Auto Stocks under pressure

On the downside, sharp selling continued in public sector lenders. The Nifty PSU Bank index dropped nearly 3 per cent, extending its recent slide. The Nifty Auto index also eased over 1 per cent, contributing to sectoral drag.