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Market closing bell: Sensex drops 617 points, Nifty below 22,500; Banks outperform

The sharp declines in both indices signal investor concerns and potential volatility in the coming days. The downturn affected a broad range of sectors, contributing to the overall market slump.

Edited By: Nitin Kumar @Niitz1 New Delhi Updated on: May 30, 2024 16:47 IST
BSE stock market
Image Source : FILE Business stock exchange building.

Benchmark equity indices Sensex and Nifty continued their downward trajectory on Thursday, marking a fifth consecutive day of declines. The downturn was driven by profit booking amid the monthly expiry in the derivatives segment. The 30-share BSE Sensex plunged by 617.30 points, or 0.83%, to settle at 73,885.60. During the day, it hit a low of 73,668.73 due to heavy selling in blue-chip stocks. Similarly, the NSE Nifty dropped by 216.05 points, or 0.95%, closing at 22,488.65.

Market trends and influences

The benchmark indices had previously closed at lifetime high levels on May 23, triggering profit-taking among investors. This decline comes amid growing nervousness ahead of the Lok Sabha poll results on June 4. Over the past five sessions, both Nifty and Sensex have decreased by around 2%.

Vinod Nair, Head of Research at Geojit Financial Services, noted, "The benchmark index is taking cues from the US market as treasury yields continue to climb following the stickiness of global inflation, delaying the central bank’s interest rates cut policy."

Key stock movements

In the Sensex pack, major losers included Tata Steel, Titan, Tech Mahindra, Wipro, Bajaj Finserv, Bajaj Finance, Nestle India, Tata Motors, and JSW Steel. Conversely, ICICI Bank, Axis Bank, HDFC Bank, State Bank of India, and Kotak Mahindra Bank posted gains.

Nair added, "The broader market continued the weak trend, led by profit booking, due to feeble closing of monthly expiry owing to lack of interest to hold short-term positions, as exit poll is slated in the weekend."

Global market impact

Asian markets in Seoul, Tokyo, Hong Kong, and Shanghai ended lower. In contrast, European markets were trading with gains, while US markets closed in negative territory on Wednesday.

FIIs and market data

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,841.84 crore on Wednesday, according to exchange data. 

Upcoming events

The last phase of polling is scheduled for June 1, with the general election results to be declared on June 4.

Oil prices

Global oil benchmark Brent Crude fell by 0.41% to USD 83.19 a barrel.

Previous session recap

On Wednesday, the Sensex had declined 667.55 points, or 0.89%, to settle at 74,502.90, while the NSE Nifty dropped 183.45 points, or 0.80%, closing at 22,704.70.

Also read | S&P upgrades outlook on India's sovereign rating to 'positive' based on country's robust economic expansion

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