Stock market update: Nifty, Sensex trade lower amid volatility; Bank Nifty drops 600 points – financial stocks worst hit

The Indian market has been trading lower amid volatility in the afternoon trade on Thursday. The benchmarks were down over 0.30% as geopolitical tension continues to weigh on the market. Headline index Nifty50 slipped below 17,200 after trading on day's high of 17,291, while barometer Sensex was down nearly 300 points.  

Nifty midcap and small cap, however, witnessed some buying interest as the indices were trading higher by nearly 0.4%.  

See Zee Business Live TV Streaming Below:

Dragged by Kotak Bank, HDFC Bank and ICICI Bank, the 12-share banking index tanked more than 600 points to trade near 35,500.  

Sectorally, healthcare, pharma and metal gained while banking, financial services and consumer durables were top laggards.  

Dr Reddy's Hindalco, Cipla, Coal India, Ultratech cement, Tata Steel, Sun Pharma and NTPC were trading higher by 1-5% amid volatility.  

Kotak Bank, HDFC Bank, ICICI Bank, Titan, HDFC Limited, Titan, Maruti and Axis Bank declined up to 3%.  

Earlier,  international oil benchmark Brent crude surged to $120.88 per barrel in the morning trade, said news agencny PTI. 

Foreign institutional investors (FIIs) turned net buyers as they bought shares worth Rs 481.33 crore on Wednesday, according to stock exchange data.  

Meanwhile, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said Safety is now in IT and pharma which are insulated from high crude prices and high inflation. "FMCG and cement segments will face margin pressure. High quality financials are in a sweet spot, " he added. 

Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.