Market declines due to foreign investor selling, weak quarter earnings
At the close, the Sensex fell by 1.2 per cent or 942 points to 78782.24, while the Nifty dropped 1.27 per cent or 309 points to 23995.35.
Taking a cue from global markets, the key Indian equity market indices on Thursday opened lower after the fiscal deficit data reached at 113.7 per cent of the full year’s target.
The market, however, started cheering as the GDP and Eight Core Industries (ECI) data showed signs of economic recovery.
The Sensitive Index (Sensex) of the BSE, which had closed at 34,184.04 points on Wednesday, opened lower at 34,141.22 points.
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At 9.44 am, it was quoting at 34,196.63 points, up by 12.59 points, or 0.04 per cent.
At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 10,492.85 points on Wednesday, was quoting at 10,505.90 points, up by 13.05 points or 0.12 per cent.
Global cues – especially the prospects of higher interest rates in the US – along with a rise in fiscal deficit subdued the Indian equity markets on Wednesday.
Market observers said the domestic equity indices mimicked their Asian peers which traded in the red following US Federal Reserve Chairman Jerome Powell’s comments on the rate hike trajectory.
The Sensex was down by 162.35 points or 0.47 per cent at the Wednesday’s closing. In the day’s trade, the barometer 30-scrip sensitive index had touched a high of 34,302.74 points and a low of 34,076.45 points. The Nifty, too, was down by 61.45 points or 0.58 per cent.
On Thursday, Asian indices were mostly showing a mixed trend. Japan’s Nikkei 225 was trading in red, down by 1.37 per cent, Hang Seng up by 0.27 per cent while South Korea’s Kospi was also down by 1.19 per cent. China’s Shanghai Composite index was quoting in green, up by 0.47 per cent.
Nasdaq closed in red, down by 0.79 per cent while FTSE 100 was also down by 0.70 per cent at the closing on Wednesday.
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