Lagatar24 Desk
Mumbai, Nov.11: On the heels of negative global cues, Indian equity benchmarks sank substantially on Thursday ahead of the weekly expiry of index futures and option contracts. The Sensex plummeted 322 points, and the Nifty 50 index dipped below 17,950, a key psychological milestone. The Sensex was dragged down by HDFC, ICICI Bank, HDFC Bank, Infosys, Axis Bank, and Tech Mahindra.
The Sensex was down 296 points at 60,060 at 9:36 a.m., and the Nifty 50 index was down 94 points at 17,924.
On Thursday, inflation fears weighed on Asian stocks and boosted the dollar after data showed that US consumer prices rose at their fastest rate since 1990 last month, bolstering the case for quicker Fed policy tightening.
Nominal US Treasury yields increased, with the yield on the benchmark 10-year note rising to its highest level since February, but real yields, which account for inflation, fell to new lows.
MSCI’s broadest index of Asia-Pacific stocks outside of Japan down 0.85%, followed by a 1.19 percent drop in Australia’s benchmark.
Back home, nine of the National Stock Exchange’s 15 sector indices were trading lower, topped by the Nifty Bank index, which was down 0.6 percent. The Nifty Financial Services, IT, Pharma, Private Bank, and Oil & Gas indices all declined 0.4-0.6%.
Select media, metal, and real estate stocks, on the other hand, saw increased purchasing activity.
The Nifty Midcap 100 index lost 0.2 percent, and the Nifty Smallcap 100 index dipped 0.4 percent, indicating that mid- and small-cap stocks were under light selling pressure.
ONGC was the worst performer on the Nifty, falling 2% to 154. Wipro, HDFC, Cipla, Axis Bank, State Bank of India, Tata Consumer Products, Sun Pharma, Shree Cements, Eicher Motors, IndusInd Bank, and Nestle India all saw their stock prices fall by 1-1.8 percent.
Titan, Tata Motors, Tata Steel, Hindalco, Maruti Suzuki, and Larsen & Toubro, on the other hand, were among the top gainers.
