Sensex Tanks 770 Points, Nifty Tops 17,750; Snaps 3-Day Winning Streak

HDFC was the top loser in the Sensex pack, shedding over 3 per cent, followed by Infosys, L&T, Kotak Bank, Bajaj Finserv, and Tech Mahindra

New Delhi: The key Indian equity benchmarks, Sensex and Nifty, snapped a three-day winning streak and fell sharply on Thursday amid selling pressure in information technology and financial stocks and tepid global cues.

The BSE Sensex plunged 770 points to close at 58,788, while the broader NSE Nifty dropped 220 points to end at 17,560.

The midcap and smallcap shares also finished in the negative zone as Nifty Midcap 100 index dropped 0.96 per cent and small-cap shares moved 0.34 per cent lower.

HDFC was the top loser in the Sensex pack, shedding over 3 per cent, followed by Infosys, L&T, Kotak Bank, Bajaj Finserv, and Tech Mahindra.

On the other hand, ITC, Maruti, Titan, SBI, and Asian Paints, were the gainers. Of the Sensex constituents, 25 shares closed lower, while 5 were in the green.

In other Asian markets, Tokyo closed in the red, while Seoul was positive. Asian shares traded weak as Japan’s Nikkei index plunged 1.06 per cent and the Shanghai Composite index fell 0.97 per cent. US stock futures were lower after Facebook owner Meta Platforms’ shares plunged more than 20 per cent in overnight post-market trade after missing earnings estimates.

Several Asian markets, including China and Hong Kong, were shut for the Lunar New Year holidays.

Stock exchanges in Europe were trading on a mixed note in mid-session deals. International oil benchmark Brent crude slipped 0.65 per cent to $88.89 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital market, offloading shares worth Rs 183.60 crore on Wednesday, according to stock exchange data.

India's services sector activity moderated further in January as new business rose at a noticeably slower rate amid the escalation of the pandemic, reintroduction of restrictions and inflationary pressures, a monthly survey said on Thursday.

The seasonally adjusted India Services Business Activity Index fell to 51.5 in January, down from 55.5 in December, pointing to the slowest rate of expansion in the current six-month sequence of growth.

Meanwhile, the rupee declined 5 paise to close at 74.88 (provisional) against the US dollar on Thursday, weighed down by the strength of the American currency and muted domestic equities.