Stock Market LIVE: Sensex, Nifty Slip in Midday Trade; IT, FMCG Drag; Rupee Hits Record Low

Indian equity benchmarks reversed early gains on Friday, weighed down by sharp selling in IT and FMCG stocks despite optimism around GST reforms.

As of 12:00 PM, the BSE Sensex was down 279.87 points (0.35%) at 80,438.14, while the Nifty50 slipped 77 points (0.31%) to 24,655.90.

Market Highlights

• Top Gainers: Eternal, M&M, Power Grid, Maruti Suzuki, Reliance Industries, and Bajaj Finserv rose between 0.5% – 2.5%.
• Top Losers: ITC (-2%), TCS, Infosys, HCL Tech, and ICICI Bank dragged the market lower.
• Broader Markets: Nifty MidCap fell 0.2%, while Nifty SmallCap slipped 0.07%.
• Sectoral Update: Nifty FMCG and IT declined over 1% each, followed by Financials, Realty, and Oil & Gas. Nifty Auto gained over 1%, supported by Pharma, Healthcare, Consumer Durables, Metals, and Media.

Key Stock Updates

• ITC: Shares dropped 2% after the government’s GST changes made tax applicable on cigarette transaction value.
• Concord Control Systems: Jumped 7% on bonus issue plans and unveiling India’s first fully indigenous zero-emission propulsion system.
• Ola Electric Mobility: Fell 6% after SoftBank offloaded a 2.15% stake.
• Biocon: Gained 2% following a successful USFDA inspection at its Bengaluru facility.
• Adani Power: Approved 1:5 stock split through shareholder resolution.
• Sterlite Technologies: Surged nearly 10% after developing the world’s slimmest optical fiber for data centers.
• Prime Focus: Locked in 10% upper circuit on heavy block trades.

Currency Update

The Indian Rupee weakened to a record low of 88.35/$, making it the worst-performing Asian currency this year with a 2.97% YTD depreciation.

Global & Market Outlook

Analysts believe the GST rate cut (effective September 22) could revive foreign inflows, though concerns remain over US tariffs, corporate earnings, and stretched valuations.

Meanwhile, Apple’s India sales hit a record $9 billion, up 13% YoY, reflecting the growing demand for premium smartphones.