Market Share LIVE Updates: Sensex drops over 1,800 points in 3 days; Nifty Barely holds 17,750: 10 points
In late trades, the 30-stock BSE index fell more than 1,000 points to an intraday low of 59,068.
New Delhi:
India’s share benchmark on Thursday extended its losses to a third straight session on selling pressure in information technology, consumer products and pharmaceutical stocks. The 30-share BSE Sensex fell 634 points or 1.06% to 59,465, while the broader NSE Nifty hit 181 points or 1.01% lower at 17,757. In late trades, the 30-stock BSE index dropped more than 1,000 points to an intraday low of 59,068; and Nifty hit 17,648 a day before limiting some of the losses. Sensex has dropped more than 1,800 points in the last three trading sessions.
Here are your 10 points for this big story:
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Investors lost Rs 6.56 lakh crore in assets in a three-day plunge on Dalal Street, with the market capitalization (m-cap) of BSE listed companies falling to Rs 273 lakh crore. compared to Rs 280 lakh crore on Monday.
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Samrat Dasgupta, CEO of Esquire Capital Investment Advisors, told Reuters news agency: “The (Nifty) market could correct to 17,500 after such a short rally. Mr Dasgupta added: “Investors will likely stay on the sidelines as the 2022 Union Budget approaches.
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Globally, expectations that the US Federal Reserve will quickly raise interest rates to combat inflation have hit tech stocks hard. The sell-off also hit bonds, pushing Treasury yields to a two-year high. Higher yields and rising interest rates tend to make risky assets like emerging market stocks less attractive, leading to an outflow of money from the sector.
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Back home, mid-cap and small-cap stocks ended lower as the Nifty Midcap 100 index fell 0.16% and the Nifty Smallcap 100 index fell 0.05%.
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Thirteen of the 15 industry measures – compiled by the National Stock Exchange – are in red. Nifty IT and Nifty Pharma underperform this metric, falling 1.66%, respectively. Nifty FMCG (Fast Moving Consumer Goods) also saw selling pressure.
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On the stock-specific front, Bajaj Finserv was Nifty’s biggest loser as the stock fell 4.58% to Rs 17,250. Bajaj Auto, Divi’s Lab, Infosys and Tata Consultancy Services are also among the laggards. Bajaj Finserv’s net profit for the quarter ending December 2021 (Q3) fell 2.6% to Rs 1,256 compared with Rs 1,290 in the same period last year.
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In contrast, PowerGrid, Bharti Airtel, Grasim Industries, JSW Steel and Tata Consumer Products were among the gainers.
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Market breadth was slightly positive as 1,745 stocks gained while 1,656 stocks declined on BSE.
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On the 30-stock BSE platform, Bajaj Finserv, Infosys, TCS, HCL Tech, HUL, Dr Reddy’s, Sun Pharma, HDFC, IndusInd Bank and Reliance Industries suffered the most with their shares sliding as much as 4.58%.
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PowerGrid, Airtel, Asian Paints, Maruti Suzuki India, UltraTech Cements, ICICI Bank and NTPC were among the gainers on BSE.
