Closing Bell: Market extends losses, Sensex and Nifty fall over 1%
Domestic equity benchmarks ended a volatile session on Thursday sharply lower amid broad-based selling and weakness in IT, financial and oil & gas stocks.
The Indian equity market on Thursday extended fall to the third straight session due to selling pressure in information technology, consumer products and pharma stocks. During today's trade, the BSE index cracked more than 1,000 points to hit an intraday low of 59,068, while Nifty touched a low of 17,648 before reducing some of the losses. In the last three trading sessions, Sensex has plunged more than 1,800 points.
At the closing bell on January 20, the Sensex was down 634.20 points or 1.06% at 59,464.62, and the Nifty was down 181.40 points or 1.01% at 17,757.
On the market breadth around 1593 shares have advanced, 1606 shares declined, and 64 shares are unchanged. Top Nifty losers on a bleeding day were Bajaj Finserv, Infosys, TCS, Divis Lab and Bajaj Auto, top gainers included Power Grid Corporation, Bharti Airtel, Grasim Industries, JSW Steel and Britannia Industries.
Sector-wise, except for power, realty and metal, all other sectoral indices traded in the red with auto, IT, FMCG and pharma indices down 0.8-1.7%. In the broad market, the BSE midcap and smallcap indices ended flat. Stock that took a big hit today was Bajaj Finserv which lost 4.58 per cent to close at Rs 17,250. Bajaj Finserv's net profit for the quarter ended December 2021 (Q3) fell 2.6% to Rs 1,256 crore as compared to Rs 1,290 crore in the year-ago period.
In global news, expectations that the U.S. Federal Reserve will move more quickly to hike interest rates to combat inflation hit technology shares particularly hard. The sell-off hit bonds as well, pushing U.S. Treasury yields to two-year highs.
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