Stock Market Crash: Sensex Tanks 610 Points; Nifty Closes Below 19,525. IT, FMCG Stocks Worst Hit

Stock update: On the 30-share Sensex platform, TechM, Asian Paints, Wipro, M&M, Infosys, ITC, Kotak Bank emerged main losers. Tech M slipped 4 per cent

In the broader markets, the BSE Midcap index sank over 1 per cent, while the BSE Smallcap index lost 0.34 per cent. ( Image Source :Getty )

The two key equity benchmarks, Sensex and Nifty, closed into losses on Thursday amid monthly derivatives (F&O) expiry, rising crude oil price, and weakness in IT stocks. The S&P BSE Sensex plunged 610 points to 65,508. On the other hand, the NSE Nifty50 ended at 19,524, down 193 points.

On the 30-share Sensex platform, TechM, Asian Paints, Wipro, M&M, Infosys, ITC, Kotak Bank emerged main losers. On the flip side, L&T, PowerGrid, Airtel, Axis Bank, and SBI were the only gainers. Among specific stocks, Tech M, which slipped 4 per cent, was the top laggard on the benchmarks after Morgan Stanley downgraded the stock to 'underweight'.

#ABPLiveStockMarketWatch | Sensex and Nifty closed in the red on Thursday amid monthly derivatives (F&O) expiry

At 4:00 PM, Sensex tanked 610 points, closing at 65,508 and Nifty fell by 193 points to close at 19,523

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In the broader markets, the BSE Midcap index sank over 1 per cent, while the BSE Smallcap index lost 0.34 per cent.

Volatility index, India VIX, soared 11 per cent.

Sectorally, all sectors struggled with losses, with the Nifty IT index (down 2.2 per cent), the Nifty FMCG index (down 1.9 per cent), and the Nifty PSU and Metal indices (down around 1 per cent each). Selloff was even more intense within the broader market.

In the previous session on Wednesday, the BSE Sensex closed 173 points higher at 66,119, while the Nifty50 reclaimed 19,700-mark to shut shop at 19,716, up 52 points.

"The selling was broad-based, as investors are on alert given the rise of oil prices. If crude continues to stay above the USD 90 level, it will be a threat to inflation and boil the operational margins. Currently, the combination of higher interest rates and US bond yields are influencing FIIs to stay in the selling mode," said Vinod Nair, Head of Research at Geojit Financial Services.

In Asian markets, Shanghai ended in the green while Tokyo and Hong Kong settled lower. Trading was closed in South 
Korea for a holiday. European markets were trading in the negative territory. The US markets ended on a mixed note on Wednesday.

Global oil benchmark Brent crude dipped 0.38 per cent to $96.18 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 354.35 crore on Wednesday, according to exchange data.

Meanwhile, the rupee edged up 2 paise to settle at 83.20 (provisional) against the US currency in a restricted trade on Thursday, aided by a correction in crude oil prices and the greenback. Foreign fund outflows and losses in local equities, however, restricted the rupee’s gains, forex dealers said.

The rupee opened flat at 83.22 against the US dollar and later moved in a range of 83.25 to 83.13 in day trading. The local unit settled at 83.20 against the US dollar, up by 2 paise over the previous close. The rupee had closed at 83.22 on Wednesday after a listless trade.