In early trading on Thursday, equity benchmark indexes declined in line with negative trends on international markets and the failure of the US debt limit negotiations to make any progress.
The Sensex and Nifty indexes eventually became erratic, fluctuating between highs and lows.
After a shaky start to the day, the 30-share BSE Sensex dropped 75.1 points to 61,698.68 in early trading. In the first transaction, the NSE Nifty fell 31.05 points to 18,254.35 points.
But afterwards, the Nifty traded down 16.25 points to 18,270.05 while the Sensex quoted 25.46 points down at 61,748.32.
The Sensex pack’s biggest laggards were Tata Motors, State Bank of India, Mahindra & Mahindra, HCL Technologies, Wipro, IndusInd Bank, HDFC, Infosys, Tata Steel, Axis Bank, Tata Consultancy Services, and Reliance Industries.
Among the winners were ITC, Nestle, Kotak Mahindra Bank, Bharti Airtel, Power Grid, and Larsen & Toubro.
While Tokyo traded in the black, Seoul, Shanghai, and Hong Kong all saw weaker quotes.
The US stock market declined on Wednesday.
Market volatility is being caused by the Fed’s ambiguous position and continuing discussions regarding the US debt limit, according to Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
On Wednesday, the Sensex dropped 208.01 points, or 0.34 percent, to close at 61,773.78. To finish at 18,285.40, the Nifty dropped 62.60 points, or 0.34 percent.
According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the US debt limit standoff is the significant issue dragging on the markets in the near future.
In the meanwhile, the benchmark Brent crude price fell 0.05% to USD 78.32 per barrel.
According to exchange statistics, foreign institutional investors (FIIs) were net purchasers on Wednesday, purchasing shares worth Rs 1,185.84 crore.