Amid global market weakness, indices tumble over 1%
Benchmark indices tumbled over 1% on Thursday marking their fourth consecutive session of decline. The decline came amid global market weakness weighing heavily on investor sentiment.
The benchmark indices recorded their steepest weekly declines in over two years, dropping more than 5 per cent amid global market volatility.
At close, Sensex ended near the 78,000 mark, shedding 1.5% from the previous session, while the Nifty fell below 23,600, also down 1.5%.
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Throughout the day, Nifty reached a peak of 24,065.8 and dipped to a low of 23,553.4 while the Sensex fluctuated within a range of 79,587.15 and 77,874.59.
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On Nifty, the top gainers were Dr. Reddys Laboratories (1.36%) and ICICI Bank (0.47%) while the top losers were Tech Mahindra (4.05%), Trent (3.98%), Mahindra & Mahindra (3.67%), Indusind Bank (3.58%), and Axis Bank (3.36%).
Furher on BSE, the top gainers were Network 18 Media & Investments (7.31%), BASF India (4.41%), Bank of Maharashtra (4.29%), The New India Assurance Company (4.16%), Mahindra Lifespace Developers (2.97%).
On the losing side were Siemens (9.65%), RBL Bank (7.33%), Pfizer (6.75%), Brigade Enterprises (6.64%), Balrampur Chini Mills (6.38%).
The rupee closed at 85.0150 against the U.S. dollar, up from its close at 85.07 in the previous session, after hitting a low of 85.10 earlier in the session.
Mid and small cap segments suffered even deeper losses with the BSE Midcap and Smallcap indices dropped 2.43% and 2.11%, respectively.
The overall market capitalisation of the BSE-listed firms dropped to nearly ₹441 lakh crore from nearly ₹450 lakh crore in the previous session.
In terms of key individual performances, the shares of General Insurance Corporation of India skyrocketed 17% driven by a gush of trading volumes.
Dr Reddy’s Labs shares of emerged as one of the top gainer on the Nifty 50, closing the day with 1.5% gains.
Shares of Gravita India slipped over 3% after the firm’s board of directors approved a QIP to raise up to Rs 1,000 crore.
The shares of Siemens were sharply lower by over 10%.
RBL Bank shares extended its weakness into a fifth session, declining over 10% in the period.
Further, the shares of Mazagon Dock Shipbuilders ended over 6% lower.
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