Sensex tanks 505 points, Nifty closes lower at 19,330 on profit-taking after record rally
The Hindu
The 30-share BSE Sensex fell sharply by 505.19 points or 0.77% to close at 65,280.45 points as 25 of its constituents ended in red
Benchmark stock indices Sensex declined by 505 points at close while Nifty settled lower at the 19,330 level due to profit-taking in financial, IT and oil shares after a record-breaking run and weak global trends.
The 30-share BSE Sensex fell sharply by 505.19 points or 0.77% to close at 65,280.45 points as 25 of its constituents ended in red and five in green. The barometer moved between 65,175.74 and 65,898.98 during the day.
Ending its eight-day winning streak, the broader Nifty of the National Stock Exchange declined by 165.50 or 0.85% to settle at 19,331.80. As many as 44 Nifty shares declined while six gained.
Among major Sensex shares, PowerGrid fell the most by 2.76%. IndusInd Bank dropped 2.34%, HUL by 2.23% and NTPC by 2.04%.
ICICI Bank, HDFC Bank, HDFC, ITC, Infosys, L&T, Bajaj Finance, Kotak Bank, HCL Tech and Tech Mahindra were among the losers.
On the other hand, Tata Motors rose the most by 2.94%, followed by Titan which gained 1.26%. Mahindra & Mahindra, SBI and TCS were also among gainers.
"The domestic market succumbed to profit-booking as heat waves from weak global markets hit the shore. Global equities declined due to a spike in US bond yields, fuelled by expectations of a prolonged high-interest rate environment following a sharp increase in US private payroll data," Vinod Nair, Head of Research at Geojit Financial Services, said.
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