Sensex tanks over 1,400 points amid global market rout

Prime News, National and International, Business, Mumbai, May 19:- Equity benchmarks fell sharply on Thursday (May 19), mirroring a sell-off in global markets, with the Sensex and Nifty tumbling over 2.60 percent on across-the-board selling.

Persistent foreign fund outflows also continue to dampen sentiment.

The 30-share BSE benchmark Sensex dived 1,416.30 points or 2.61 percent to settle at 52,792.23. During the day, it tumbled 1,539.02 points or 2.83 percent to 52,669.51.

The broader NSE Nifty tanked 430.90 points or 2.65 percent to end at 15,809.40.

From the Sensex firms, HCL Technologies, Wipro, Infosys, TCS, Tech Mahindra, Tata Steel, IndusInd Bank and Kotak Mahindra Bank were the major laggards.

ITC and Dr Reddy’s emerged as the gainers.

Barring Shanghai, other Asian markets ended lower, with Seoul, Hong Kong and Tokyo settling in the red.

Equity exchanges in Europe were also trading sharply lower in the afternoon session.

Stock markets in the United States had ended deep in the red on Wednesday (May 18).

“US markets saw the worst sell-off since June 2020 as inflation fear looms,” said Mohit Nigam, Head – PMS, Hem Securities.

Meanwhile, international oil benchmark Brent crude declined 1.29 percent to USD 107.7 per barrel.

Foreign institutional investors offloaded shares worth a net Rs 1,254.64 crore on Wednesday, as per stock exchange data.

“Deteriorating macro sentiments such as soaring inflation, recession fears, and the prospect of the Federal Reserve getting even more hawkish will continue to keep benchmarks on the edge.

“Another main reason for the pessimism can be attributed to relentless selling from the FII camp,” said Prashanth Tapse, Vice President (Research), Mehta Equities Ltd.

Devarsh Vakil, Deputy Head of Research, HDFC Securities, said, “Indian markets tumbled more than 2.5 percent on weekly derivative expiry day on weak global cues.” (Inputs: PTI/ NGB) 

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