Markets

Equity benchmark indices Sensex and Nifty plunged about 1.5% on Friday, taking their downtrend to the fifth straight session, due to risk aversion in the global markets after the hawkish stance of the US Federal Reserve.

The 30-share BSE benchmark tumbled 1,176.46 points or 1.49% to settle at 78,041.59.

During the day, it slumped 1,343.46 points or 1.69% to 77,874.59. The NSE Nifty tanked 364.20 points or 1.52% to 23,587.50. From the 30 blue-chip Sensex pack, Tech Mahindra, IndusInd Bank, Axis Bank, Mahindra & Mahindra, Tata Motors, Larsen & Toubro, State Bank of India, Tata Consultancy Services, UltraTech Cement and Reliance Industries were the biggest laggards.

In contrast, JSW Steel, Nestle and Titan were the gainers. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower. Equity markets in Europe were trading in the negative territory. Wall Street ended on a mixed note on Thursday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,224.92 crore on Thursday, according to exchange data. Falling for the fourth day running, the 30-share BSE benchmark tanked 964.15 points or 1.20% to settle at 79,218.05 on Thursday. The Nifty tumbled 247.15 points or 1.02% to sink below the 24,000 mark at 23,951.70.

Equity benchmark indices Sensex and Nifty declined in early trade on Friday amid unabated foreign fund outflows and concerns over the US Federal Reserve signalling fewer rate cuts next year.

The 30-share BSE benchmark Sensex declined 214.08 points to 79,003.97 in early trade.

The NSE Nifty also dipped 63.8 points to 23,887.90. From the 30 blue-chip stocks, Axis Bank, Tech Mahindra, IndusInd Bank, JSW Steel, ITC, Larsen & Toubro, UltraTech Cement and HDFC Bank were the biggest laggards. Titan, NTPC, Bajaj Finance, Bharti Airtel, Tata Consultancy Services and Maruti were among the gainers. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,224.92 crore on Thursday, according to exchange data.

Falling for the fourth day running, the 30-share BSE benchmark tanked 964.15 points or 1.20% to settle at 79,218.05 on Thursday. The Nifty tumbled 247.15 points or 1.02% to sink below the 24,000 mark at 23,951.70.

Equity benchmark Sensex on Thursday plunged about 965 points to crash below the 80,000 level due to heavy selling in global equities after the US Federal Reserve signalled fewer rate cuts next year.

Besides, deep losses in consumer durables, banking and IT stocks amid foreign fund outflows added to the gloom, analysts said.

Falling for the fourth day running, the 30-share BSE benchmark Sensex tanked 964.15 points or 1.20% to settle at 79,218.05. During the day, the blue-chip index cracked 1,162.12 points or 1.44 per cent to 79,020.08. The NSE Nifty tumbled 247.15 points or 1.02% to sink below the 24,000 mark at 23,951.70.

 "The Indian market saw a widespread decline following a global sell-off driven by the US Fed’s hawkish stance on interest rates. Sectors sensitive to interest rates, such as banking and real estate, significantly bore the brunt," Vinod Nair, Head of Research, Geojit Financial Services, said. "However, the BoJ's decision to keep its interest rate steady, which surprised economists, aided in reducing the selling pressure. Despite this, investor caution persisted amid ongoing FII selling, with a strategic shift towards defensive sectors like pharma as evidenced by their outperformance," he added. 

From the 30 blue-chip pack, Infosys, Bajaj Finserv, JSW Steel, Bajaj Finance, Asian Paints, ICICI Bank, Reliance Industries, Tata Consultancy Services, Infosys, Tata Motors and Mahindra & Mahindra were the biggest laggards.

On the other hand, Sun Pharma, Power Grid and Hindustan Unilever were the gainers. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower. European markets were trading in the negative territory.

Wall Street ended sharply lower on Wednesday. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,316.81 crore on Wednesday, according to exchange data.