NL Corresspondent
Benchmark equity indices Sensex and Nifty plunged nearly 1 per cent on Wednesday, in continuation with the pessimistic trend amid the ongoing tensions in the Middle East.
Falling for the fifth day running, the 30-share BSE Sensex tanked 522.82 points or 0.81 per cent to settle at 64,049.06. During the day, it dropped 659.72 points or 1.02 per cent to 63,912.16.
The Nifty fell 159.60 points or 0.83 per cent to 19,122.15.Among the Sensex firms, Infosys, Bharti Airtel, NTPC, Tata Motors, IndusInd Bank, Bajaj Finance, ICICI Bank, Tech Mahindra, Titan and Axis Bank were among the major laggards.
Nair further said that a positive strategy is evident on large-cap stocks, amid growing geopolitical worries and valuation concerns in mid and small-cap stocks, as overall earnings growth is being sustained. Global oil benchmark Brent crude climbed 0.30 per cent to $88.32 a barrel.
“The market was waiting for an opportunity for profit-booking – the recent hike in bond yields to 5 per cent, increased geopolitical tensions risking a flare-up in the Middle East as well and early in-line corporate results have all just provided the platform for much-awaited correction,” said Pawan Bharaddia, co-founder, Equitree.
Foreign Institutional Investors (FIIs) bought equities worth Rs 252.25 crore on Monday, according to exchange data. Equity markets were closed on Tuesday on account of Dussehra festival.
