Sensex tanks over 1,400 pts, Nifty ends at 15,800 amid weak global cues; HCL Tech, Wipro top losers

Stock Market Updates May 19: Only ITC and Dr Reddy's were the two stocks on the BSE that closed with some gains. Rest, all other stocks closed with losses with HCL Tech, Wipro, Infosys, TCS, Tech Mahindra, Tata Steel, and IndusInd Bank being the top laggards.

By Talibuddin Khan
Updated: Thu, 19 May 2022 03:48 PM IST
Minute Read
Sensex tanks over 1,400 pts, Nifty ends at 15,800 amid weak global cues; HCL Tech, Wipro top losers

Mumbai | Jagran Business Desk: Owing to the extremely weak trend in global markets, Indian equity benchmarks on Thursday fell sharply with the 30-share BSE Sensex plummeting 1,416.30 points or 2.61 per cent to close at 52,792.23. Similarly, the 50 NSE Nifty closed at 15,809.40, plunging by 430.90 points or 2.65 per cent.

Earlier in the day, Sensex and Nifty had opened at 53,053.75 and 15,904.65 respectively.

Only ITC and Dr Reddy's were the two stocks on the Bombay Stock Exchange (BSE) that closed with some gains. Rest, all other stocks closed with losses with HCL Tech, Wipro, Infosys, TCS, Tech Mahindra, Tata Steel, and IndusInd Bank being the top laggards.

Asian markets in Seoul, Shanghai, Hong Kong and Tokyo were also trading lower. Stock exchanges in the US had ended significantly lower on Wednesday. The BSE benchmark settled 109.94 points or 0.20 per cent lower at 54,208.53 on Wednesday. The NSE Nifty dipped 19 points or 0.12 per cent to finish at 16,240.30 at the closing bell yesterday.

As the domestic benchmark indices tumbled mirroring weak trends in global equities today, equity investors became poorer by over Rs 5 lakh crore in the early trade. The weak broader market trend pulled down the market capitalisation of BSE-listed firms by Rs 5,02,731.03 crore to Rs 2,50,74,714.78 crore in early trade.

Asian markets in Seoul, Shanghai, Hong Kong and Tokyo were trading lower. Stock exchanges in the US had ended significantly lower on Wednesday. "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 gained 1.63 per cent to USD 110.89 per barrel. Foreign institutional investors continued to offload shares worth 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.

 

(With Agencies Inputs)

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