Live
- Steps taken to ensure accommodation to common devotees says TTD EO J Syamala Rao
- CRDA invites tenders for ‘Happy Nest’ township
- PD Act invoked against red sanders smuggler
- Meghalaya scrape past Goa to secure QF berth
- India lift inaugural U19 Women’s Asia Cup
- No place for Stokes as Root returns to England’s squad for India ODIs and CT
- A year of political earthquake
- Penugonda stresses need for cultural renaissance
- IG inspects police stations at Chirala, Karamchedu
- Sandard Glass raises Rs40 cr in pre-IPO deal
Fag-end recovery pares early losses
5Th session fall: Key indices tumble nearly 1% amid sharp fall in IndusInd Bank, foreign fund outflows; However, mkt recovered partially in late session
Mumbai: Declining for the fifth straight session, equity benchmark Sensex on Friday plunged about 660 points to crash below the 80,000 level due to widespread selling pressure tracking massive foreign capital outflows and muted earnings growth. Besides, deep losses in energy, consumer durable and industrial stocks and surging global crude prices amid geopolitical uncertainties added to the gloom, analysts said.
The BSE Sensex plummeted 662.87 points or 0.83 per cent to settle at 79,402.29. During the day, it plunged 927.18 points or 1.15 per cent to 79,137.98. A total of 3,101 stocks declined, while 841 advanced and 79 remained unchanged on the BSE. The NSE Nifty tanked 218.60 points or 0.90 per cent to 24,180.80. The index closed lower for the fourth consecutive week. On the weekly front, the BSE benchmark tanked 1,822.46 points or 2.24 per cent, and the Nifty fell by 673.25 points or 2.70 per cent.
“The domestic market faced a continuous fall due to persistent FII selling. All sectors, except FMCG, were impacted, with small and midcap stocks suffering the most. However, DII have been a strong buyer absorbing the selling and mitigating the fall. Due to the regressive selling, the domestic market is expected to reach the oversold territory,” said Vinod Nair, head (research), Geojit Financial Services.
The BSE smallcap gauge declined by 2.44 per cent, and the midcap index fell by 1.48 per cent.
“The market correction continues, with Nifty down 7.8 per cent from its recent peak and volatility remaining high as India VIX hits 14.7. Q2 results have shown a slowdown in consumer sectors, including autos and FMCG, where sluggish demand, rising competition, and high input costs have impacted margins,” Krishna Appala, senior research analyst, Capitalmind Research, said. Among sectoral indices, oil & gas plunged 3.09 per cent, consumer durables tumbled 2.74 per cent, services (2.69 per cent), energy (2.66 per cent), utilities (2.53 per cent), telecommunication (2.38 per cent) and capital goods (2.23 per cent). FMCG emerged as the only gainer.
“Nifty ended on a weak note on Friday near two-and-half-month lows despite the last-hour bounce. It fell for the fifth consecutive session. Indian markets have fallen on all days of the week reeling under FPI selling pressure, weak Q2 results from most corporates and rising treasury yields in the US, Jasani said.
