Stock Market LIVE Highlights: Sensex, Nifty Recover From Early Losses; IT Stocks Support Markets

Stock Market LIVE Updates: In early trades today, the Sensex shed over 500 points, whereas Nifty dropped to below the 23,500 levels. Markets continue to remain stuck in consolidation, with analysts saying the Nifty needs to decisively reclaim the 24,000 mark for stronger momentum, with immediate support seen around 23,250-23,450.

Stock Market LIVE Updates: Dalal Street started Wednesday on a weak note as investors remained cautious as banking stocks faced selling pressure along with growing global uncertainty and further weakening of the rupee. Traders adopted a “wait and watch” approach ahead of global triggers and US Fed minutes scheduled later tonight. In early trades, Sensex shed over 500 points, whereas Nifty dropped to below the 23,500 levels. IT stocks were seen adding some support, with the rupee trading further weakly against the dollar, and banking and financials were observed at the receiving end of the sell-off, thereby adding to the worries in the market.

Markets continue to remain stuck in consolidation, with analysts saying the Nifty needs to decisively reclaim the 24,000 mark for stronger momentum, with immediate support seen around 23,250-23,450.

Rupee weakness is still supporting IT stocks, but persistent underperformance in banking stocks is still capping upside enthusiasm. The Nifty Bank index has declined in seven of the last eight sessions.

Crude prices continue to rise, although concerns about geopolitical tensions in Iran have eased somewhat. Brent crude is trading up 0.05% at about $111.3 a barrel, and WTI is trading up 0.13% at $104.3.

All the stock market live updates are to come. Stay tuned.