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Sensex, Nifty plunge 1% each on weak global cues, profit booking
The broader markets underperformed, with the Nifty Midcap 100 and Smallcap 100 indices falling 1.6 per cent and 1.78 per cent, respectively, highlighting heightened selling pressure in the broader universe.
Torrent Pharmaceuticals Ltd on Sunday entered into definitive agreements to acquire controlling stake of 46.39 per cent stake in J. B. Chemicals and Pharmaceuticals (file photo)
Domestic stock market indices, Sensex and Nifty, slumped 1 per cent on Thursday amid profit booking and weak global sentiments.
The BSE’s 30-share Sensex tanked 1 per cent, or 823.16 points, to close at 81,691.98. The index fell 1.2 per cent during the intraday trades. The broader Nifty plunged 1.01 per cent, or 253.2 points, to finish at 24,888.2.
“A host of factors triggered a massive slump in local benchmarks, as investors exited stocks at will weighed down by weak global sentiment coupled with the possibility of Israel attacking Iran, and a renewed tariff threat by US President Trump,” said Prashanth Tapse, Senior VP (Research Mehta Equities Ltd.
Spike in crude oil prices and erratic FII fund flows this month has been adding to the overall uncertainty, he said.
The downturn was attributed to intensified profit-booking and risk-off sentiment, according to a note by Bajaj Broking Research. From their recent lows touched on March 4, the Sensex and Nifty have gained 13 per cent each.
“In the last three months, there has been a sharp recovery in markets. Due to this, some stocks have provided an opportunity for investors to book profits,” said a market analyst.
Investor mood remained cautious ahead of further developments on the US-China trade front, adding to market uncertainty, Bajaj Broking said.
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The broader markets underperformed, with the Nifty Midcap 100 and Smallcap 100 indices falling 1.6 per cent and 1.78 per cent, respectively, highlighting heightened selling pressure in the broader universe.
Among the sectoral indices, Nifty Auto lost 1.65 per cent and the Nifty Metal ended 1.55 per cent down. The NSE companies that lost the most included Tata Motors (2.98 per cent), Titan Company Ltd (2.62 per cent), Trent Ltd (2.62 per cent), Shriram Finance (2.57 per cent) and Coal India (2.51 per cent).
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