Closing Bell: Market halts three-day winning streak; Sensex slumps by 773 points
Domestic equity benchmarks Sensex and Nifty got hammered on Friday, snapping the three-day winning streak as investors worried about foreign fund outflows after US inflation data, which is at the highest in 40 years.
Indian equity market started today's trading session on a negative note amid weakness in global markets after US inflation data fuelled fears of aggressive rate hikes. All sectoral indices were deep in the red in the morning. Owing to this, headlines indices snapped three-day gaining momentum and ended lower with Nifty below 17,400.
At the closing bell on February 11, the Sensex was down 773.11 points or 1.31% at 58,152.92, and the Nifty was down 231 points or 1.31% at 17,374.80. On the market breadth, around 896 shares have advanced, 2318 shares declined, and 105 shares are unchanged.
Top Nifty losers of the day were Grasim Industries, Tech Mahindra, Infosys, HCL Technologies and UPL, while top gainers were IOC, IndusInd Bank, NTPC, Tata Steel and ITC. One of the top laggards, the stock of Grasim Industries dived 3.39% to Rs 1,708.60.
Also, Zomato shares tumbled 5.98% as the food delivery firm's expenses in the third quarter (Q3) stood higher at Rs 1,642.6 crore against Rs 755.7 crore in the same period last fiscal.
On a bleeding session, all the sectoral indices ended in the red with IT and realty indices down 2% each. In the broader market, BSE Midcap and Smallcap indices cracked nearly 2% each.
Among other statistics, foreign investors have sold a net US$ 5.58 billion in Indian equities so far this year, compared with a net purchase of US$ 5.08 billion in the same period last year, according to Reuters data showed.
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