Benchmark indices Sensex and Nifty ended sharply lower on Thursday amid rising bond yields and a rebound in crude oil prices, reflecting heightened global macroeconomic risks. The 30-share BSE Sensex slumped 1,247.71 points or 1.67 per cent to settle at 73,580.54. During the day, the benchmark hit a high of 74,362.29 and a low of 73,563.92, gyrating 798.37 points. The 50-share NSE Nifty ended with a drop of 383.70 points or 1.64 per cent and closed the session at 23,063.10. Similarly, the broader market closed lower. While the BSE MidCap Select Index shed 584.33 points or 3.12 per cent, the BSE SmallCap Select Index fell 109.93 points or 1.19 per cent.Ā
Among sectoral indices, Nifty Private Bank and Nifty Metal fell 2.19 per cent and 1.96 per cent, respectively. All sectoral indices were in the red.Ā
“While weak global cues kept the mood bearish through the trading session, other factors – such as the US 10-year bond yield climbing over 5 per cent coupled with a renewed uptick in global crude oil prices and a sharp fall in the rupee against the dollar – fuelled across-the-board selling. Uncertainty over the persisting West Asia conflict and foreign funds remaining net sellers of domestic equities is holding back investors from taking fresh equity bets,” said Ajit Mishra, SVP, Research, Religare Broking.
Top gainers and losersĀ
Among the 30-Sensex firms, all stocks except NTPC ended the session in the red. Bajaj Finance, Axis Bank, Bajaj Finserv, Indigo and Trent were among the major losers, with Bajaj Finance falling around 5.47 per cent.Ā Today, shares of 29 out of 30 Sensex companies closed in the green, while the remaining 1 closed flat. Meanwhile, only 3 of 50 Nifty 50 companies closed in the green, while the other 47 closed in the red.Ā
Rupee faces downward pressure
Meanwhile, the Indian Rupee faced persistent downward pressure, dragged down by softening Asian currencies and a sluggish domestic equity market.Ā According to forex traders, heavy selling in domestic equity markets also weighed on the currency as investors moved toward risk aversion, strengthening the dollar even as rising inflation concerns pushed US bond yields higher.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)