Indian stock markets witnessed a sharp decline today, with the Sensex and Nifty falling over 1% due to selling pressure in heavyweight stocks like Infosys, RIL and HDFC Bank. Global market trends also played a role in the downturn.
Mumbai, Nov 28 (PTI) 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.
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.
"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 of Research, Geojit Financial Services, said.
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.
In Asian markets, Seoul and Tokyo settled in the green, while Shanghai and Hong Kong ended lower.
European markets were trading higher. The US markets ended lower on Wednesday. The decline in tech companies dragged major American indices lower.
Foreign Institutional Investors (FIIs) bought equities worth Rs 7.78 crore on Wednesday, according to exchange data.
Global oil benchmark Brent crude climbed 0.49 per cent to USD 73.18 a barrel.
On Wednesday, the BSE benchmark climbed 230.02 points or 0.29 per cent to settle at 80,234.08. The Nifty rose 80.40 points or 0.33 per cent to 24,274.90.
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