The Indian benchmark indices NSE Nifty and S&P BSE Sensex closed on Thursday over 0.75% lower as banking and financial stocks dragged down the cues. The losses in the indices are attributed to the drop in the share price of bluechip companies such as RIL, HDFC along with other financial stocks, and unfavourable trend in the global cues.
The S&P BSE Sensex closed the day at 38,979.85 points. It fell by 0.82% or 323 points. The index closed the day well under the 39,000 levels. Only four of the thirty Sensex stocks closed in the green, while twenty-five of them folded in the red while one stock closed flat. The closing price of ONGC matched its opening price.
Bajaj Finserv emerged as the top loser in the index as it shed its share price by 2.23%. It was followed by PowerGrid whose share price moved south by 2.07%. The share price of ICICI Bank, Kotak Bank, Bajaj Finance, SBI, HDFC, HDFC Bank, IndusInd Bank, and Axis Bank, fell by 1.56%, 1.46%, 1.42%, 1.39%, 1.34%, 0.94%, 0.76%, and 0.70% respectively.
Also Read: Closing Bells: Financial Stocks Drag Sensex and Nifty Over 0.35% Down
The Sensex index received the much-needed support from HCL Tech, Infosys, Maruti Suzuki, and Titan Company whose share price surged by 2.36%, 0.96%, 0.44%, and 0.01% respectively. India VIX, the volatility gauge, moved ahead by 2.24% or 0.44 points to close the day at 20.10 levels.
The NSE Nifty 50 marked the end of Thursday by folding at 11,516.10 levels. It gave up 0.76% or 88.45 points. Only twelve of the fifty stocks that constitute the Nifty index closed in the favourable terrain while the rest collapsed.
Dr Reddy’s and ZEEL emerged as the most significant gainers as their share price advanced by 4.26% and 2.36% respectively. Hindalco and Tata Motors turned out to be the top losers in the index. Their share price went down by 4.35% and 2.44% respectively.
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Engineer by qualification, financial writer by choice. I am always open to learning new things.
