Local News

Sensex Slumps 568 Points, Nifty Ends Below 16,450; LIC Hits All-Time Low

Indian equity benchmarks on Tuesday plunged sharply, extending their fall for the third straight session dragged by losses in consumer and technology stocks.

The domestic indices have seen volatile moves in the past week amid worries over surging inflation and an expected interest rate hike by the Reserve Bank of India (RBI) in its policy meeting, due on June 8. The Reserve Bank is expected to raise the key lending rate again after an unscheduled hike in May.

Investors also await U.S. inflation data and rate decisions in Europe.

The 30-share BSE Sensex fell 568 points or 1.02 per cent to close at 55,107 today, while the broader NSE Nifty moved 153 points or 0.92 per cent down to settle at 16,416.

Mid- and small-cap shares finished on a weak note as Nifty Midcap 100 dropped 0.67 per cent lower and small-cap slipped 0.59 per cent higher.

13 out of the 15 sector gauges — compiled by the National Stock Exchange — settled in the red. Sub-indexes Nifty Consumer Durables, Nifty FMCG and Nifty IT underperformed the platform by falling as much as 2.26 per cent, 1.54 per cent and 1.57 per cent, respectively.

On the stock-specific front, Titan was the top Nifty loser as the stock cracked 4.48 per cent to ₹ 2,100.05. UPL, Dr Reddy’s, Britannia and L&T were also among the laggards.

The overall market breadth stood negative as 1,290 shares advanced while 2,003 declined on BSE.

On the 30-share BSE index, Titan, Dr Reddy’s, L&T, Hindustan Unilever, Asian Paints, Bajaj Finance, TCS, Nestle India, Bajaj Finserv, Sun Pharma, ICICI Bank and Infosys were among the top losers.

Meanwhile, shares of Life Insurance Corporation of India (LIC), the country’s biggest insurer and largest domestic financial investor, plunged to a new intraday low of ₹ 751. The stock finally settled 3.15 per cent lower at ₹ 752.90.

In contrast, NTPC, Maruti, M&M and Bharti Airtel finished in the green.

0.00 avg. rating (0% score) - 0 votes

Leave a Reply

Your email address will not be published.