Stock market ends five-day winning streak
At close, Sensex was down 609.28 points, or 0.82%, at 73,730.16. Meanwhile, Nifty opened higher at 22,620.40 and touched a low of 22,419.90 in intraday trades.
After a three-day winning streak, domestic markets on Thursday came down under massive selloff in global markets as US Federal Reserve’s gloomy economic outlook spooked investors across the world. The S&P BSE Sensex lost 394.40 points or 1.02 per cent to end at 38,220.39 levels while the broader NSE Nifty slumped 96.20 points or 0.84 per cent to 11,312.20 levels.
The gainers on the BSE charts were led by NTPC (rose nearly 7 per cent), ONGC, PowerGrid and Tata Steel.
Of the 30 constituents on the Sensex 25 ended in the red zone. HDFC was the top loser, shedding over 2 per cent, followed by Axis Bank, Bharti Airtel, M&M, Reliance Industries, ICICI Bank, IndusInd Bank and Titan.
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Unlike to the benchmarks, broader markets also ended with MidCap and SmallCap indices up by 0.87 per cent and 0.72 per cent respectively.
The Indian market opened on a negative note following subdued Asian markets which were impacted by the US Federal Reserve’s cautious view of the economy, US-China tensions and new clusters of coronavirus infections, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.
The Fed’s minutes showed again that policymakers are finding it difficult to forecast the path of the economy, which will depend greatly on what happens with the coronavirus.
During the afternoon session markets briefly attempted to bounce back from day’s lows but the strength failed to sustain as profit booking by traders was seen, he said.
“Traders also remained concerned with the World Bank’s report stating that it is likely to project a steeper contraction in India’s economy than the 3.2 per cent it had forecast for the current financial year,” he added.
Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with heavy losses.
Stock exchanges in Europe also witnessed robust selling in early sessions.
Global oil benchmark Brent crude was trading 1.06 per cent lower at USD 44.89 per barrel.
In the forex market, the rupee settled at 75.02 against the US dollar, down 20 paise over its previous close.
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