Market Update: Sensex Tanks 342 Points On Global Cues, Nifty Hovers At 15,156 Levels
The HDFC twins (HDFC and HDFC Bank) slipped 2 per cent, each, and remained the top laggards, followed by Kotak Mahindra Bank, Axis Bank,
Domestic markets on Thursday opened on a weaker note amid pressure from global selloffs and rising yields. The S&P BSE Sensex is trading at 51,101.79 levels, down 342.86 points. The index had earlier tumbled to as low as 50,540. On the other hand, Nifty50 was hovering at 15,156.85 levels.
The HDFC twins (HDFC and HDFC Bank) slipped 2 per cent, each, and remained the top laggards, followed by Kotak Mahindra Bank, Axis Bank, and Bajaj Finserv (each down 2%). Financials and metals stocks opened in red. Also Read: MTAR Technologies IPO Witnesses Strong Subscription On Day 1; Know All About It
The benchmark index closed at 51,444.65, up 1147.76 points or 2.28 per cent on Wednesday, while the Nifty climbed 326.50 points or 2.19% to end at 15,245.60.
Meanwhile, rupee slumped 27 paise to 72.99 against the US dollar in opening trade on Thursday, weighed down by a rebound in the US dollar and lacklustre opening in domestic equities. At the interbank forex market, the domestic unit opened at 72.99 against the US dollar, registering a fall of 27 paise over its previous close, according to PTI.
On Wednesday, the rupee had settled at 72.72 against the American currency. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.12 per cent to 91.05.
Globally, Asian stocks fell with U.S. futures on Thursday after an overnight surge in bond yields once more pulled down shares on Wall Street. Stocks dropped in Japan, South Korea and Australia, while S&P 500 futures saw modest declines. Hong Kong and China opened lower. While Nasdaq remained muted after investors sold high-flying technology shares and pivoted to sectors viewed as more likely to benefit from an economic recovery on the back of fiscal stimulus and vaccination programs.
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