Sensex tanks 486 points, Nifty ends below 15,800; metal, bank stocks pull back
Nifty metal slipped the most, losing over 2%, followed by nifty financials. Financials continued to be major laggards as all indices lost close to 2%.
Equity benchmark Sensex ended nearly 1% lower on Thursday tracking losses in index heavyweights including ICICI Bank, HDFC Bank and Reliance Industries. The 30-share BSE Sensex settled at 52,568.94, down 485.82 points or 0.92%. Similarly, the broader NSE Nifty 50 closed at 15,727.90, down 151.75 or 0.96%.
Gainers & losers
On the Nifty 50 index, Tech Mahindra, SBI Life, Eicher Motors, Bajaj Auto and HCL tech were the top gainers. Almost 40 of the fifty nifty stocks ended in red, with TATA Motors, JSW Steel, Hindalco, TATA Steel, and ONGC leading the losses.
Sectoral trends
Nifty IT closed in green and other sectors lost 1-2%. Nifty metal slipped the most, losing over 2%, followed by nifty financials. Financials continued to be major laggards as all indices lost close to 2%. ICICI bank and HDFC bank led the losses. Nifty FMCG, auto, media, pharma ended the day nearly 1% lower.
Broader markets
Broader markets also succumbed due to the selling pressure, with the midcap and smallcap indices falling 0.4% and 0.04% respectively.
Global Markets
European markets dropped ahead of European Central Bank President Christine Lagarde’s news conference where it is set to release a strategy update that could see a higher inflation.