Sensex Plunges 617 Points on Profit Booking: Stock Market Update

Mumbai, May 30 (PTI) Benchmark equity indices Sensex and Nifty declined nearly 1 per cent on Thursday, continuing their falling streak for the fifth day running due to profit booking amid monthly expiry in the derivatives segment.

The 30-share BSE Sensex plunged by 617.30 points or 0.83 per cent to settle at 73,885.60. The barometer hit the day's low of 73,668.73 due to selling in blue-chips.

The NSE Nifty dropped by 216.05 points or 0.95 per cent to close at 22,488.65.

Benchmark indices closed at lifetime high levels on May 23 which triggered profit-taking amid growing nervousness among investors ahead of the results of the Lok Sabha polls on June 4. Since then, Nifty and Sensex have declined around 2 per cent in the five straight sessions.

"The benchmark index is taking cues from the US market as treasury yields continue to climb following the stickiness of global inflation, delaying the central bank's interest rates cut policy," Vinod Nair, Head of Research at Geojit Financial Services, said.

From the Sensex pack, Tata Steel, Titan, Tech Mahindra, Wipro, Bajaj Finserv, Bajaj Finance, Nestle India, Tata Motors and JSW Steel were the biggest laggards.

ICICI Bank, Axis Bank, HDFC Bank, State Bank of India and Kotak Mahindra Bank were the gainers.

"Meanwhile, the broader market continued the weak trend, led by profit booking, due to feeble closing of monthly expiry owing to lack of interest to hold short-term positions, as exit poll is slated in the weekend," Nair said.

In Asian markets, Seoul, Tokyo, Hong Kong and Shanghai settled lower.

European markets were trading with gains, while US markets ended in the negative territory on Wednesday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,841.84 crore on Wednesday, according to exchange data.

The last phase of polling is scheduled for June 1. The results of the ongoing general elections will be declared on June 4.

Global oil benchmark Brent Crude fell 0.41 per cent to USD 83.19 a barrel.

On Wednesday, the 30-share BSE Sensex declined 667.55 points or 0.89 per cent to settle at 74,502.90. The NSE Nifty dropped 183.45 points or 0.80 per cent to close at 22,704.70.