Benchmark indices ended lower for the third straight session today led by weak global cues. Sensex and Nifty fell nearly 2 per cent each to end the week in the red. Sensex tanked 1,093.22 points to close at 58,840.79. During the day, it tumbled 1,246.84 points or 2 per cent to 58,687.17. Nifty declined 346.55 points or 1.94 per cent to close at 17,530.85. Market cap of BSE-listed firms fell to Rs 279.68 lakh crore today against Rs 285.87 lakh crore in the previous session, thereby causing a loss of Rs 6.19 lakh crore to investors.
Foreign fund outflows and recession fears in the global economy dented investor sentiments.UltraTech Cement, Tech Mahindra, Infosys, Mahindra & Mahindra, Wipro, TCS, Nestle and Reliance Industries were the top Sensex losers , falling up to 4.51 per cent. IndusInd Bank emerged as the only gainer, rising up to 2.63 per cent.
Share Market News Today Highlights: Sensex crashes 1,093 points, Nifty settles below 17,550; UPL, Tata Consumer Products, Tech Mahindra among top drags
Vinod Nair, Head of Research at Geojit Financial Services said, “With persistent bearish pressure from global stocks amid rising yields and dollar index, the domestic market surrendered to the global trend despite its strong decoupling scenario and encouraging macroeconomic data. Post the release of US inflation data, which showcased a MoM increase in inflation, the global market has been pricing in the likelihood of a more aggressive policy response from the Fed.”
Midcap and smallcap indices fell 749 points and 712 points, respectively. IT, auto and consumer durables shares were the top sectoral losers with their BSE indices falling 953 points, 816 points, and 1,008 pts, respectively. All 19 BSE sectoral indices ended in the red.
Market breadth was negative with 972 stocks ending higher against 2,532 stocks falling on BSE. 106 shares were unchanged.
Palak Kothari, Senior Technical Analyst, Choice Broking said, “The support for Nifty has shifted around 17300 levels while on the upside 17850 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 40,000 levels while resistance at 41,400 levels. Overall, the Nifty is looking weak on charts. Closing below 17500 can open the gate for 17300-17200. Sell on rise is advisable till Nifty didn’t give closing above 18,000 mark.”
Foreign institutional investors remained net sellers on Thursday as they sold shares worth Rs 1,270.68 crore, as per exchange data.
Previous session
Benchmark indices plunged for the second straight session on Thursday led by a fall in IT stocks. Sensex fell 412.96 points to close at 59,934 and Nifty declined 126.35 points to settle at 17,877. Tech Mahindra, Infosys, Tata Steel, Bajaj Finserv and Axis Bank were the top Sensex losers, falling up to 3.13 per cent. Maruti, PowerGrid and NTPC were the top Sensex gainers, rising up to 3.23 per cent.
Global markets
Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended lower. European bourses were mostly quoting in the negative territory. The US markets had ended lower on Thursday. Meanwhile, the international oil benchmark Brent crude climbed 0.32 per cent to $91.13 per barrel.