Sensex Slumps Over 500 Points, Nifty Breaks Below 12,800 As Banks DragPage Visited: 3
The S&P BSE Sensex and NSE Nifty 50 indexes were on track to break their four-day record breaking streak on Thursday led by profit booking in banking, financial services and information technology shares. The benchmarks, for most part of the day, traded in a range bound fashion, however selling pressure on account of profit booking in heavyweights like HDFC twins, ICICI Bank, State Bank of India, Infosys and Axis Bank in noon deals led to benchmarks turning negative. The Sensex fell as much as 523 points and Nifty 50 index broke below 12,800.
As of 2:29 pm, the Sensex fell 494 points to 43,686 and Nifty fell 143 points to 12,795.
Traders were booking profits in index derivatives ahead of weekly expiry of index future and option contracts, analysts said.
Selling pressure was visible across sectors as all the sector gauges, barring the gauge of FMCG shares, were trading lower led by Nifty Bank’s 3 per cent fall.
Mid- and small-cap shares were also facing selling pressure as Nifty Midcap 100 and Nifty Smallcap 100 indexes fell over 0.3 per cent.
Among the individual shares, SpiceJet rose as much as 15 per cent after the US aviation regulator lifted a 20-month-old flight ban on Boeing Co’s 737 MAX on Wednesday.
State Bank of India was top Nifty loser, the stock fell 4.31 per cent to Rs 241. ICICI Bank, JSW Steel, UltraTech Cement, Axis Bank, HDFC Bank, Larsen & Toubro, HDFC Life, HDFC and UPL also fell between 2-3.5 per cent.
On the flipside, Power Grid, Titan, ITC, NTPC, Nestle India, Coal India and Bajaj Finserv were among the gainers.