Benchmark indices Sensex and Nifty tanked on Thursday amid sustained selling pressure across the board. The 30-share BSE Sensex tumbled 1,045.46 points, or 1.44 per cent, to 71,593.24. During the day, the benchmark hit a high of 72,693.97 and a low of 71,327.75, gyrating 1,366.22 points. Similarly, the 50-share NSE Nifty fell 371.25 points or 1.64 per cent to close at 22,231.80. Similarly, the broader market ended the session in the red. The BSE MidCap Select Index dropped 445.47 points, or 2.53 per cent, while the BSE SmallCap Select Index shed 235.93 points, or 2.58 per cent.
The sell-off wiped out nearly 11.38 lakh crore of investor value. The market capitalisation of BSE-listed firms dropped to Rs 4,60,97,032 crore from Rs 4,72,35,273.388 crore at Wednesday's close.
"Domestic and global macro concerns continued to weigh heavily on sentiment. The RBI’s decision to raise the repo rate by 25 bps to 5.50 per cent and shift its stance towards calibrated tightening has raised concerns over tighter financial conditions. At the same time, Brent crude moved above the USD 102–103 per barrel mark amid geopolitical tensions and supply concerns, while the US 10-year Treasury yield remained elevated around 5.3 per cent. Caution ahead of TCS’ quarterly results also added to the nervousness, particularly in the IT segment," said Ajit Mishra, SVP – Research, Religare Broking.
Top gainers and losers
Among the 30-Sensex firms, Tech Mahindra, Axis Bank and Infosys were the major gainers, with Tech Mahindra gaining 0.44 per cent today. On the flip side, ITC, Indigo, Power Grid, BEL and Adani Ports were among the laggards. ITC shares fell 4.24 per cent today.
Rupee traded with minor gains
Meanwhile, the Indian rupee traded with minor gains of around 0.07 per cent near 96.78, although a stronger Dollar Index above 102 and elevated US bond yields continue to weigh on sentiment.
Moreover, volatile crude oil prices hovering stubbornly above the USD 100 mark continue to be a hurdle for the national economy, he added. In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hang Seng index ended significantly lower.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
