Sensex snaps two-day rising streak on fag-end sell-off; IT, finance stocks weigh
India Today
Snapping the two-session winning run, benchmark equities suddenly came under selling pressure towards the fag-end on Thursday.
Equity benchmarks capitulated in the last hour of trade on Thursday to break their two-session winning run, with IT, finance and bank stocks playing spoilsport amid expiry of monthly derivative contracts.
A weakening rupee also weighed on sentiment, traders said.
After remaining in the positive territory for most part of the session, the 30-share BSE Sensex suddenly came under selling pressure towards the fag-end, tumbling 310.71 points or 0.53 per cent to settle at 58,774.72.
Similarly, the broader NSE Nifty dropped 82.50 points or 0.47 per cent to 17,522.45.
Bajaj Finance led the losers among the Sensex constituents, falling 1.81 per cent, followed by PowerGrid, Infosys, TCS, IndusInd Bank, Axis Bank, NTPC and Larsen & Toubro.
Only five counters clocked gains -- Maruti Suzuki, SBI, Dr Reddy's, Kotak Mahindra Bank and Titan, rising up to 0.46 per cent.
"Amid heightened volatility, investors pruned their long positions on the F&O expiry day due to the uncertain global economic scenario. There are concerns that the Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole symposium on Friday would focus on more rate hikes to rein in inflation.
