The key benchmark indices ended lower after being dragged by late sell-offs seen in banking, financial, fast-moving consumer goods and metal stocks
Domestic market turned volatile on the F&O expiry day on Thursday after Brent crude rose above $75 per barrel for the first time in 2019 in the wake of tightening sanctions on Iran.
The key benchmark indices on Thursday ended lower after being dragged by late sell-offs seen in banking, financial, fast-moving consumer goods and metal stocks. The benchmark Sensex fell 323.82 points, or 0.83%, to 38730.86 while NSE Nifty ended 84.35 points, or 0.72%, lower at 11641.80. Of the 30-stock Sensex, only three ended in the green. The gainers, Bharti Airtel, Tata Consultancy Services and Bajaj Auto gained 0.06% and 1.06%, while the top losers are Tata Steel, Vedanta, Maruti Suzuki, Sun Pharma Industries, Axis Bank and ICICI Bank, which lost between 1.42% and 2.74%.
Among the 11 Nifty sectoral gauges, only Nifty Realty ended in green with gains of 0.32%, while the rest of the pack witnessed profit booking. Nifty Metal led the pack with a 1.86% loss, followed by Nifty PSU Bank (1.56%) and Nifty Bank (1%).
Deepak Jasani, head of retail research, HDFC Securities, said the markets ended with hefty losses on Thursday on the back of derivative expiry of the April series. The Nifty had opened on a positive note in the morning and surged higher during the day before a sell-off was witnessed in the afternoon session. The weakness came on the back of negative global cues. The Chinese stock market dropped to its lowest in more than three weeks disappointed by the central bank's attempts to lower market expectations for more policy easing and concerns over economic recovery prospects.
"Major Asian markets have closed on a negative note, barring the Nikkei and Taiwan indices. European indices like FTSE100, CAC and DAX are trading in the red. Technically, with the Nifty correcting sharply, traders will need to watch if the Nifty can hold above the crucial supports of 11550 for the bulls to regain control,” Jasani said.
The first half of the market session was positive, in continuation of the previous trading session but limited participation was witnessed. During the late afternoon, a sharp drop was seen across indices as investors reacted to weak global sentiments.
The broad market indices like the BSE MidCap and SmallCap indices fell less, thereby outperforming the Sensex and Nifty.
PROFIT-BOOKING
Among the 11 Nifty sectoral gauges, only Nifty Realty ended in green. The rest of the pack witnessed profit booking. Nifty Metal led the pack with a 1.86% loss
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "BSE")
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}