S&P BSE SENSEX and Nifty 50 ended trading on Thursday in the red as inflation worries in international markets pulled down stocks in India.
Sensex declined 98 points (-0.18%) to close the market at 53,416.15 and NIFTY 50 lost 28.00 points (-0.18%) to end the market at 15,938.65.
SENSEX
On Thursday, banking and IT stocks performed the poorest as inflationary fears in the United States and negative market sentiments in European and Asian markets affected banking stocks.
Top Losers
The top losers in Sensex were Axis Bank (-1.74), HCL Tech (-1.53), State Bank Of India (-1.48), Tech Mahindra (-1.44), TCS (-1.31), Wipro (-1.30 ), Ultra Tech cement (-1.15), ITC (-1.11 ) and Infosys (-1.10).
Axis Bank lost 11.85 rupees to close the market at 668.05 rupees per share. Overall elated sale in stocks of banks along with recent news reports regarding issues within Axis Mutual Fund (majority owned by Axis Bank) likely made Axis Bank the highest loser on Thursday.
HCL Tech was the second-highest loser on Thursday, as the stock lost 14.05 rupees to close the market at 903.7.
Top Gainers
The top gainers in Sensex on Thursday were mainly pharmaceuticals and FMCG stocks.
Stocks of Sun Pharma (2.28%), Dr Reddy’s (1.73%), Kotak Bank (1.50%), Maruti (1.45%), Titan (0.85%), Reliance (0.83), Nestle India (0.62) gained most in Sensex today.
Sector-wise, S&P BSE Energy gained the most as the index gained 87.12 points (+1.13%) to close the market at 7,779.98. S&P BSE Utilities also gained 36.79 points and had a food trading today.
NIFTY
In the benchmark index of the national stock exchange, NIFTY 50, 29 out of 50 stocks declined while 21 of them managed to keep their tabs green.
The top losers in the Nifty 50 were Axis Bank (-1.62%), HCL Technologies (-1.59%), Hero Motor Corp (-1.49 %), Tech Mahindra (-1.33 %) and State Bank of India (-1.27 %).
NIFTY IT suffered huge losses as all 10 stocks in the index traded in red at the end of the day. The index lost 426.45 points.
Likewise, NIFTY BANK also lost 176.60 points as the value of 10 out of 12 stocks tumbled.
The top gainers in the market were Sun Pharma (2.60 %), ONGC (2.25%), Dr Reddy’s (1.88 %), Kotak Bank (1.64%) and Maruti (1.43%).
NIFTY ENERGY stocks gained 248.15 points to close the market in green at 24,975.35. Only 2 out of 10 =stocks declined from energy index on Thursday.
Adani Transmission Limited, ONGC and GAIL were top gainers in the index.
The government’s decision to consider the revision of windfall taxes on the oil trade pushed the market sentiments to ‘buy’ energy stocks.
Only Adani Green and BPCL ended their shares in red in the index.
Foreign Markets
Stocks markets in Shanghai, Hong Kong and Seoul slid down today due to a global selling spree. Only the Tokyo markets were able to attain growth.
US and European markets also tumbled by 1-2% as inflation data from the United States caused recession fears in markets.
Inflation in the USA reached 9.1% according to financial reports for the month of June. This is the highest inflation rate in 41 years.