Stock Market Updates: TCS Lowers 3%, Paytm Increases 3%, Sensex Drops 350 Points, Nifty Below 22K

Following a lackluster start to Tuesday’s trading session, equity benchmark indexes were expected to provide clues ahead of tomorrow’s US Federal Reserve meeting.

At 72,463, the S&P BSE Sensex opened 285 points down. The NSE Nifty 50 was seen quoting at levels of around 21,950.

TCS fell 2% to Rs 4,055 in response to rumours that Tata Sons will sell 23.4 million shares, or 0.65% of the company, in a block offer today at a floor price of Rs 4,001 per share.

Among the other big losses were Hindustan Unilever, Power Grid, NTPC, and HDFC Bank. Conversely, HCL Technologies and Sun Pharma had gains of around 0.5% each.

However, the wider indexes had a good start to the day. The BSE MidCap index increased by 0.2%, while the SmallCap index increased by 0.3%.

worldwide cues

Nikkei and Hang Seng both fell 0.7% Thursday morning in Asia. Kospi fell 1.3%, while Taiwan, Shanghai, and the Straits Times had slight declines.

Ahead of the US Federal Reserve meeting later this week, when the central bank is anticipated to maintain stable interest rates and provide clues on its monetary policy trajectory, the S&P 500 and Nasdaq saw overnight gains of up to 0.8%. The Dow Jones increased by 0.2%.

Prior to the US Fed meeting, the yield on the 10-year Treasury note was quoted at around 4.33 percent. Futures for Brent crude oil were trading at around $87 a barrel.