India equity market benchmarks BSE Sensex and Nifty 50 ended over one per cent lower on Thursday, mainly on weak global cues.
The BSE Sensex fell below the 51,000 mark on the back of selling seen in financial and metal stocks.
The BSE Sensex closed at 50,846.08, falling by 598.57 points or 1.16 percent. Similarly, the NSE Nifty ended lower at 15,080.75, down by 164.85 points or 1.08 percent.
Out of 30 Sensex stocks, 25 stocks ended deep in red, with Housing Development Finance Corporation (HDFC) as the top index loser. Bajaj Finsv, L&T, State Bank of India (SBI), Axis Bank, HDFC Bank and ICICI Bank were among other laggards.
Vinod Nair, Head of Research at Geojit Financial Services said, “Domestic markets along with its global peers mirrored the wounded trend of the US market. The surge in US bond yields added selling pressure in technology stocks, forced Wall Street to close lower.
“Blue-chips were much affected by the weak global cues, but Mid & Small caps with its increased investor confidence retained its positive momentum”.
S Ranganathan, Head of Research at LKP Securities commented that markets traded weak on muted global cues despite heightened investor interest in PSU stocks on hopes of privatisation and asset monetisation.
Modi opined that the concerns over rising bond yields are short lived and any immediate correction in the market will only create an opportunity for investors to buy quality stocks at reasonable valuations.
Foreign investors had bought equities worth Rs 2,088.70 crore on a net basis in Indian capital markets on Wednesday, according to exchange data.
Among Asian markets, Japan’s Nikkei 225 dropped 2.1 per cent and the Hang Seng in Hong Kong fell 2.2 per cent. The Shanghai Composite index dropped 2.1 per cent.
On the forex market front, the rupee ended 11 paise lower at 72.83 against the US dollar.
Meanwhile, global crude oil benchmark Brent was trading 1.16 per cent higher at USD 64.73 per barrel.
(With inputs from agencies)
Source: Thanks WIONews.com