Sensex closes 645 points lower, Nifty below 24,700; IndusInd Bank gains 2%
Benchmark stock market indices closed lower on Thursday after rebounding a little from the major losses they suffered earlier in the day due to unfavourable global cues.The S&P BSE Sensex lost 644.64 points to end at 80,951.99, while the NSE Nifty50 was down by 203.75 points to close at 24,609.70.Aditya Gaggar, Director of Progressive Shares, said that the equity market experienced a downturn due to a surge in bond yields, which dented the market sentiment.advertisement
IndusInd Bank emerged as the top performer, gaining 1.82% by market close, followed by Bharti Airtel which advanced by 0.44%. UltraTech Cement saw a modest uptick of 0.10%, while Kotak Mahindra Bank and Tata Steel faced minor declines of 0.12% and 0.22% respectively.Mahindra & Mahindra faced the steepest decline, dropping 2.27% during the session. Bajaj Finserv was under pressure, falling 1.80%, while Tech Mahindra retreated by 1.77%. Power Grid Corporation declined by 1.74%, and ITC rounded out the top five losers with a drop of 1.58%.Broader market indices faced pressure as Nifty Midcap100 declined by 0.52% and Nifty Smallcap100 fell by 0.28%. The India VIX dropped by 1.65%. Most sectoral indices closed with losses, reflecting widespread selling pressure across various segments.Nifty FMCG was the worst performer, tumbling 1.44%, followed by Nifty IT which declined 1.31% and Nifty Oil & Gas falling 1.17%.advertisementOther notable losers included Nifty Consumer Durables down 1.14%, Nifty Auto retreating 1.01%, Nifty Pharma slipping 0.93%, Nifty PSU Bank declining 0.58%, Nifty Financial Services falling 0.53%, Nifty Realty down 0.46%, Nifty Healthcare Index dropping 0.44%, Nifty Metal retreating 0.31%, and Nifty Private Bank slipping 0.22%.However, Nifty Media managed to buck the negative trend, posting a gain of 1.11%, emerging as the sole sectoral index to close in positive territory.Vinod Nair, Head of Research, Geojit Investments Limited, explained that key benchmark indices witnessed declines amid US fiscal concerns that the proposed budget bill could significantly increase the national debt, pushing US treasury yield higher due to tepid long term bond demand."Despite a notable improvement in India's PMI in May and uptick in fiscal scenario, ongoing uncertainty around U.S.-India trade negotiations and persistent global market volatility are likely to keep Indian equities in a consolidation phase in the near term," he added. (Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
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