Sensex drops 300, Nifty near 24,200; SMIDs trade mixed; Avalon Tech jumps 10%

The Nifty50 and the Sensex fell, tracking negative global cues amid renewed US and Iran tension.

The Nifty50 was trading 141.95 points or 0.58 per cent down at 24,184.70, and the Sensex was trading 420.76 points or 0.54 per cent down at 77,411.16. Eternal, Mahindra & Mahindra, Coal India, and Axis Bank were the top losers in the Nifty50 index.

Broader markets were trading on a mixed note. The Nifty MidCap and the Nifty SmallCap were trading 0.03 per cent and 0.32 per cent higher, respectively. Sector-wise, the Nifty Private Bank, the Nifty PSU Bank, Nifty Bank, and the Nifty Auto underperformed. Meanwhile, the Nifty IT and the Nifty Pharma rose the most.

Brent crude rose 1.43 per cent to $101.48 per barrel on the Intercontinental Exchange as hopes for an end to hostilities in West Asia faded in the near-term faded.

Both the Gold and Silver futures were trading 0.41 per cent higher.

Q4 results today

ABB India, Balkrishna Industries, Bank of Baroda, Cera Sanitaryware, Cholamandalam Financial Holdings, CreditAccess Grameen, Intellect Design Arena, Kalyan Jewellers India, Kalyani Steels, Multi Commodity Exchange of India, Niva Bupa Health Insurance Company, Northern Arc Capital, Orient Electric, Rain Industries, Shipping Corporation of India, Swiggy, Tata Consumer Products, Titan Company, Ujjivan Small Finance Bank, and Urban Company will release their fourth-quarter results.