Stock Market update: Nifty below 17, 200, Sensex down nearly 300 points; Paytm shares hit yet another low

After opening on firm note on Wednesday, the Indian markets slipped into red zone in the afternoon trade amid mixed global cues and spike in crude prices. Benchmarks dropped nearly half per cent as Nifty50 slipped below 17,300, while the Sensex corrected by more than 300 points around 12.45 pm.  

Headline indices Nifty and the Sensex traded at 17,219.60 and 57,660.92 respectively around the same time. Majority of the sectoral indices were trading negative amid volatility. Auto, bank and IT stocks were dragging the market most, while pharma, healthcare and oil & gas were providing some support to the falling market.  

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The 12-share Bank Nifty too dropped over 100 points to trade near 36,200.  

Dr Reddy's, Divis Laboratories, Hindalco, ITC, UPL, IndusInd Bank, Bajaj Finance and Tata Steel were among top gainers on Wednesday.  

Bharti Airtel, Hero MotoCorp, HDFC Ltd, Kotak Bank, M&M, Asian Paints, Infosys and Maruti were top laggards.  

Earlier, After falling nearly 1% on Monday and extending those losses into the first half of Tuesday — due to higher oil prices — both the indexes staged a mid-day reversal to end more than 1% higher as investors bought into the dip. 

In related development, TCS buyback offer is concluding today, while Paytm Shares traded on new 52-week value of Rs 536.20 despite the company issuing a statement in response to clarification sought by the BSE regarding steep fall in Paytm share price since its listing.  

"On the technical front 17,200 and 17500 are immediate support and resistance in Nifty 50. For Bank Nifty 36000 and 37,000 are immediate support and resistance respectively," Mohit Nigam, Head - PMS, Hem Securities said.