Stock markets fall for second day; Sensex tanks 721 points
The 30-share BSE Sensex tanked 721.08 points or 0.88 per cent to settle at over a month's low of 81,463.09. During the day, it plunged 786.48 points or 0.95 per cent to 81,397.69.
The 50-share NSE Nifty dropped 225.10 points or 0.90 per cent to a month's low of 24,837.
Analysts said a weak trend in Asian and European markets also dented investors' sentiment.
Vinod Nair, Head of Research, Geojit Investments Limited, said, "Subdued corporate results and lacklustre global cues triggered a broad-based sell-off across domestic equities. Elevated valuations in large-cap stocks, coupled with significant net short positions held by FIIs, added to the downward pressure." Among Sensex firms, Bajaj Finance declined 4.73 per cent post its June quarter earnings announcement. Power Grid, Infosys, Tech Mahindra, Bajaj Finserv, Trent, Tata Motors, NTPC and Adani Ports were also among the laggards.
However, Sun Pharma and Bharti Airtel emerged as gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,133.69 crore on Thursday, according to exchange data. However, Domestic Institutional Investors (DIIs) bought stocks worth ₹2,617.14 crore.
In Asian markets, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled lower while South Korea's Kospi ended in positive territory..
European markets were trading lower. The U.S. markets ended on a mixed note on Thursday (July 24).
India and the U.K. signed a landmark free trade agreement on Thursday, which, starting next year, will see 99 per cent of Indian exports enter the UK duty-free, while reducing tariffs on British products such as cars and whisky.
The deal, which comes days ahead of the US moratorium on higher tariffs coming to an end, aims to double the USD 56 billion trade between the world's fifth and sixth largest economies by 2030.
Global oil benchmark Brent crude climbed 0.32 per cent to USD 69.40 a barrel.
On Thursday, the Sensex tanked 542.47 points or 0.66 per cent to settle at 82,184.17. The Nifty dropped 157.80 points or 0.63 per cent to 25,062.10.
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Hindustan Times
37 minutes ago
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