Stock Market: Sensex ends 581 points down; Nifty slides 0.97% on negative global cues
The key indices in the Indian stock market closed in the negative for the sixth time in the last seven trading sessions. On Thursday, Sensex and Nifty 50 both dropped down by around 1%.
The stock market on Thursday opened dramatically lower as the US Federal Reserve hint an interest rate hike and reaffirmed halting the bond-buying programme.
The benchmark Sensex fell to an intra-day low of 56,439.36 points after opening in the red at 57,317.38 points.
The recovery in banking and auto stocks in the last hour helped the key indices recoup some of their losses. However, it was insufficient to push the index into positive territory.
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The 30 stock S&P BSE Sensex ended the day at 57,276.94 points, down 581.21 points or 1.00 percent from its prior session's close of 57,858.15 points.
The National Stock Exchange's broader Nifty 50 ended the day at 167.80 points or 0.97 percent lower at 17,110.15 points from its previous session's close of 17,277.95 points.
The Nifty slumped to a low of 16,866.75 points in the intra-day after opening in the red at 17,062.00 points. It, however, reached a high of 17,182.50 points during the day.
In the last hours of trade, some of the banking and auto stocks witnessed good buying support.
Axis Bank rose 2.81 percent to Rs 773.10, while State Bank of India increased by 2.75 percent to Rs 529. Maruti Suzuki's stock rose 2.52% to Rs 8817.25.
Other significant Sensex gainers included Kotak Bank, which was up 2.02% at Rs 1889.45, Sun Pharma up 0.64 percent at Rs 812.20, IndusInd Bank, 0.62 percent higher at Rs 888.25, Mahindra & Mahindra, which was up 0.40 percent at Rs 857.40 and ITC up 0.21 percent at Rs 214.65.
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IT equities were under a lot of selling pressure. HCL Technologies fell 4.17 percent of its value to Rs 1077.90. Wipro fell 3.22 percent to Rs 544.75, while Tech Mahindra slid 3.66 percent to Rs 1445.65. TCS was down 3.18 percent to Rs 3650.10, while Infosys was down 2.15 percent to Rs 1685.
Other major Sensex losers were Dr Reddy's Laboratories was down 3.42 percent at Rs 4256.45; Titan down 2.90 percent at Rs 2310.45; Nestle India, down 2.15 percent at Rs 18391.90; Power Grid Corporation, down 1.83 percent at Rs 214.75 and Tata Steel was down 1.80 percent at Rs 1088.75.
-PTC News
