Share Market News: Both the Sensex and Nifty 50 experienced a drop of nearly 1 per cent on Thursday, coinciding with the monthly expiry of derivatives contracts. The Nifty 50 notably breached its critical support level of 22,500, reaching an intraday low of 22,467 just before the release of exit polls on June 1.
By the closing bell, the Nifty 50 had fallen by nearly 1 per cent, or 216 points, to 22,488, while the Sensex had decreased by 0.8 per cent, or 617 points, to 73,885. This marked the fifth consecutive day of decline for both benchmark indices.
Nine of the 13 major sectoral indices showed declines. Nifty Metal and Nifty IT experienced the most significant drops, falling by 3 per cent and 2 per cent, respectively. Conversely, Nifty Bank saw a modest increase of 0.7 per cent.
In the previous trading session on Wednesday, for the fourth straight day, the two main equity benchmarks ended on a downward trend, with investors opting for profit-taking before the Lok Sabha poll results. The S&P BSE Sensex dropped by 668 points, settling at 74,503, while the NSE Nifty50 closed at 22,705, down by 183 points.
The recent downturn in the Indian stock market can be attributed to several factors, including subdued global cues, escalating US bond yields, geopolitical tensions, and diminishing expectations of imminent rate cuts.
Stock update
Among the 30-share Sensex index, ICICI Bank, Axis Bank, HDFC Bank, SBI, and L&T emerged as the top gainers, while Tata Steel, Titan, Tech M, Wipro, and Bajaj Finserv were among the top losers.
The top losers in the Nifty index comprised Tata Steel, Tech Mahindra, Power Grid Corporation, Wipro, and Titan Company. Conversely, the notable gainers were ICICI Bank, Axis Bank, HDFC Bank, SBI, and Kotak Mahindra Bank.
Sectorial Update
Except for Nifty Media, Nifty Bank, and Private Bank, which saw marginal gains of 0.48 per cent, 0.37 per cent, and 0.32 per cent, respectively, all other sectoral indices closed in the red.