29 C
Wednesday, May 22, 2024

Markets snap five-day rally

- Advertisement -
- Advertisement -

Ticker:  Sensex tumbles over 600 pts


- Advertisement -

MUMBAI, April 26: Market benchmarks Sensex and Nifty wilted under selling pressure on Friday after a five-day rally as investors pared exposure to banking, financial and consumer durable stocks amid mixed trends in global markets.

Rising global crude prices, a depreciating rupee and persistent foreign fund outflows further weighed on sentiment, traders said.

Profit-taking also came into play as the 30-share BSE Sensex tanked 609.28 points or 0.82 per cent to settle at 73,730.16. During the day, it lost 722.79 points or 0.97 per cent to 73,616.65.

The NSE Nifty declined 150.40 points or 0.67 per cent to 22,419.95.

- Advertisement -

On a weekly basis, the BSE benchmark advanced 641.83 points or 0.87, and the NSE Nifty climbed 272.95 points or 1.23 per cent.

“The fall was on expected lines as both the benchmark indices had rallied for five straight sessions, and profit-taking has been due for some time.

“Correction is also attributed to global factors after the Japanese Yen fell to a new 34-year low and disappointing US data pushed its benchmark yields to over 4.7 per cent, thus worsening hopes of an interest rate cut in the medium term,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Bajaj Finance was the biggest drag on the Sensex chart, skidding nearly 8 per cent after the company’s March quarter earnings failed to cheer investors. Bajaj Finserv also declined over 3 per cent.

- Advertisement -

IndusInd Bank, Nestle, Kotak Mahindra Bank and Mahindra & Mahindra were among the other laggards.

Meanwhile, Tech Mahindra jumped over 7 per cent after the IT services company’s CEO outlined an ambitious three-year roadmap to accelerate revenue growth and lift margins.

Wipro, ITC, UltraTech Cement, Titan and Axis Bank were among the gainers.

In the broader market, the BSE midcap gauge jumped 0.83 per cent, and the smallcap index climbed 0.27 per cent.

Among the indices, bankex declined 0.70 per cent, financial services (0.68 per cent), teck (0.26 per cent), auto (0.25 per cent) and telecommunication (0.15 per cent).

Energy, healthcare, services and power were among the gainers.

“The unexpected surge of the US core PCE price index, accompanied by weaker-than-forecasted GDP growth and Treasury yield spikes, impacted market sentiments.

“Investors are concerned about the possibility of a looming recession in the US. Indian market lagged behind its Asian and European peers due to worries over lofty valuations and lacklustre Q4 earnings, fuelling expectations of downward revisions for FY25 earnings,” Vinod Nair, head of research, Geojit Financial Services,” said.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory.

European markets were trading in the green. Wall Street ended lower on Thursday.

Global oil benchmark Brent crude climbed 0.31 per cent to USD 89.29 a barrel.

The rupee declined 8 paise to close at 83.36 (provisional) against the US dollar on Friday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,823.33 crore on Thursday, according to exchange data.

The BSE benchmark climbed 486.50 points or 0.66 per cent to settle at 74,339.44 on Thursday. The NSE Nifty advanced 167.95 points or 0.75 per cent to 22,570.35. (PTI)





- Advertisement -
The Hills Times
The Hills Timeshttps://thehillstimes.in/
Welcome to The Hills Times, your trusted source for daily news and updates in English from the heart of Assam, India. Since our establishment in 2000, we've been dedicated to providing timely and accurate information to our readers in Diphu and Guwahati. As the first English newspaper in the then undemarcated Karbi Anglong district, we've forged a strong connection with diverse communities and age groups, earning a reputation for being a reliable source of news and insights. In addition to our print edition, we keep pace with the digital age through our website, https://thehillstimes.in, where we diligently update our readers with the latest happenings day by day. Whether it's local events, regional developments, or global news, The Hills Times strives to keep you informed with dedication and integrity. Join us in staying ahead of the curve and exploring the world through our lens.
Latest news
- Advertisement -
Related news
- Advertisement -
5 National Parks You Should Visit in India Before Monsoon Hits Experience Shillong’s 7 Unforgettable Sights That Will Awaken Your Senses! 7 Must Visit Destinations In The Seven Sisters Of India 5 Rice Dishes For Summers From South India Must Visiting Places In Northeast India