Negative global cues drag down Sensex, Nifty

Mumbai: Equity benchmark indices Sensex and Nifty surrendered early gains to plunge nearly 1.50 per cent on Thursday, weighed down by intense selling in market heavyweights - Infosys, RIL and HDFC Bank amid a mixed trend in global equities. Besides, deep losses in IT, auto and consumer durable stocks amid escalating geopolitical tensions also added to the weak investors’ sentiment, analysts said.

The BSE benchmark Sensex slumped 1,190.34 points or 1.48 per cent to settle at 79,043.74. During the day, it tanked 1,315.16 points or 1.63 per cent to 78,918.92. The NSE Nifty tumbled 360.75 points or 1.49 per cent to 23,914.15. Investors’ wealth fell by Rs1,50,265.63 crore to Rs4,42,98,083.42 crore ($5.24 trillion).

“Domestic markets took a breather after a strong start to the week. The overnight sell-off in the US market, driven by renewed uncertainty about the rate cut trajectory and rising geopolitical tension, led to a correction in heavyweight IT and consumer discretionary stocks,” Vinod Nair, Head (Research), Geojit Financial Services.

Shares of five of the 11 listed Adani Group firms ended higher on Thursday, with Adani Total Gas soaring nearly 16 per cent.

Stocks of Adani Energy Solutions zoomed 10 per cent, Adani Green Energy soared 10 per cent, and Adani Enterprises climbed 1.63 per cent. Meanwhile, Adani Ports declined 2.73 per cent.

“Nifty closed sharply lower at 23,914, down 1.49 per cent, weighed by monthly F&O expiry and weak global cues. Escalation in the Russia-Ukraine conflict and uncertainties over the US interest rate trajectory post mixed economic data releases dented sentiment,” said Siddhartha Khemka, Head (Research), Wealth Management, Motilal Oswal Financial Services Ltd.

From the 30-share Sensex pack, Mahindra & Mahindra, Infosys, HCL Technologies, Adani Ports, Bajaj Finance, Tech Mahindra, Titan, Tata Consultancy Services, Reliance Industries and Power Grid were among the laggards.

On the other hand, State Bank of India was the only gainer. The BSE smallcap gauge climbed 0.41 per cent while the midcap index dipped 0.06 per cent.