Sensex and Nifty 50 broke off a two-day winning streak on Thursday as Banking and IT stocks suffered huge losses.
High volatility in the markets and the decision of investors to cut back on their investments in long-term assets also impacted the Indian stock markets negatively.
The expiry of monthly future and options contracts coupled with uncertainty in the global economic scenario also pushed the markets down today.
As Sensex and nifty 50 were trading near negative zones for the last two days, the market analysts were expecting a correction and resulting decrease in stock values today.
Sensex of the Bombay Stock Exchange declined on Thursday by 310.71 (-0.53%) points to close markets below the 59k mark of 58,774.72. Sensex which had previously closed at 59,085.43 opened at 59,315.98 on today and went as high as 59,484.35 points.
Top gainers on Sensex were Dr Reddy’s Laboratories, Maruti, Titan, State Bank of India, and Kotak Mahindra Bank.
The top losers on Thursday were Bajaj Finance, Power grid, Infosys, Tata Consultancy Services, Indus Ind Bank and Axis Bank.
Nearly all banking stocks except SBI and Kotak Mahindra Bank suffered losses on Thursday. The banking stock which declined today includes ICICI Bank, HDFC Bank, Axis Bank, and Indus Ind Bank.
All IT stocks listed in Sensex, such as Tech Mahindra, Wipro, Tata Consultancy Services and Infosys suffered considerable losses today due to negative sentiments in IT stocks internationally.
Out of 30 stocks listed on S&P BSE Sensex, 5 stocks advanced on Thursday while 25 stocks concluded trading in the red.
In sectoral indices on the Bombay stock exchange, S&P BSE REALTY was the top gainer today as the index gained 54.41 points to close the market at 3,627.51 points.
S&P BSE Information Technology declined by 258.69 points (-0.88%) to conclude trading at 29,193.39. Out of 62 stocks traded on the Index, 36 stocks declined today and only 26 stocks saw some advancements in their stock value.
The Benchmark index of the National Stock Exchange, Nifty 50 declined by 82.50 points on Thursday to close the market at a last traded price of 17,522.45.
The top gainers on Nifty 50 were Shree Cement Limited, Hindalco, Divis Labs, HDFC Life, SBI Life and Grasim.
The top losers were Adani Ports, Bajaj Finance, Cipla, Indus Ind Bank, Axis Bank and Tata Consultancy Services.
Out of 50 stocks traded on Nifty 50, 15 stocks advanced on Thursday while 34 stocks suffered losses.
In Indian stock market, FII and FPIs remained net buyers on Thursday with a net purchase of 369.06 crore Indian rupees. Domestic institutional investors ended up being net sellers on Thursday with net sales of 334.31 crore Indian rupees.