MUMBAI: As if three days of decline weren’t enough, equity benchmark indices BSE Sensex and NSE Nifty plunged for a fourth consecutive day on Thursday, driven down by losses in heavyweight stocks.
The BSE Sensex and NSE Nifty fell more than 2 per cent on Thursday, led by declines in stocks such as Reliance Industries and HDFC Bank, amid escalating tensions in the Middle East.
The BSE Sensex dropped 1,769.19 points, or 2.10 per cent, to close at 82,497.10, after hitting a low of 82,434.02 during the day- a decline of 1,832.27 points, or 2.17 per cent.
The NSE Nifty fell 546.80 points, or 2.12 per cent, ending at 25,250.10.
Foreign fund outflow
Analysts attributed the downturn to continuous foreign fund outflows and rising crude oil prices, which have dampened investor sentiment.
Among the 30 Sensex firms, major laggards included Larsen & Toubro, Reliance Industries, Axis Bank, Asian Paints, Tata Motors, Bajaj Finance, Maruti, Bajaj Finserv, Kotak Mahindra Bank, Titan, Adani Ports, and HDFC Bank.
JSW the lone major gainer
JSW Steel was the only stock to register gains.The domestic market experienced a sharp decline following Iran’s missile launch at Israel, raising fears of retaliation and further escalation of conflict.
Vinod Nair, Head of Research at Geojit Financial Services said the new SEBI regulations for the F&O segment have raised concerns about decreased trading volumes, while attractive valuations in China have led FIIs to redirect their investments, putting further pressure on Indian stocks.
Hong Kong closed lower
In Asian markets, Hong Kong closed lower, while Tokyo ended positively. Markets in mainland China will remain closed for the week due to holidays. European markets were trading mostly lower, and US markets closed marginally higher on Wednesday.
Foreign Institutional Investors (FIIs) sold equities worth Rs5,579.35 crore on Tuesday, according to exchange data. Global oil benchmark Brent crude increased by 1.37 per cent to $74.91 a barrel.
Equity markets were closed on Wednesday for Mahatma Gandhi Jayanti. Prior to the holiday, the BSE benchmark dipped 33.49 points, or 0.04 per cent, settling at 84,266.29, while the Nifty ended slightly lower by 13.95 points, or 0.05 per cent at 25,796.90.
