Stock Market: Sensex Tanks 537 Points, Nifty Ends At 17,038 On Weak Global Cues

Stock Update: On the BSE, Bajaj Finance was the biggest loser among, dropping 7.24 per cent. Bajaj Finserv dropped 3.88 per cent, ICICI Bank 2.21 per cent, and SBI 1.78 per cent

New Delhi: Sensex and Nifty, the key equity benchmarks, on Wednesday, declined tracking weak global cues.

The 30-share BSE Sensex slumped 537 points (0.94 per cent) to end at 56,819. During the day, it tanked 772.57 points or 1.34 per cent to touch a low of 56,584, while the broader NSE Nifty declined by 162 points (0.94 per cent) to 17,038.

A total of 24 of its stocks declined on the BSE. On the Nifty, 39 stocks have ended in the negative zone.

On the Sensex platform, Bajaj Finance was the biggest loser among Sensex stocks, dropping 7.24 per cent. Bajaj Finserv dropped by 3.88 per cent, ICICI Bank by 2.21 per cent, and SBI by 1.78 per cent. Infosys dipped by 1.68 per cent and Wipro by 1.91 per cent.

On the flip side, Tata Steel rebounded by 1 per cent while Asian Paints, HCL Technologies, TCS, Kotak Mahindra Bank, Reliance Industries, and HDFC Bank also advanced.

On Tuesday, the Sensex had jumped 776 points to end at 57,356, while the Nifty rallied 246 points to 17,200.

Vinod Nair, head of research at Geojit Financial Services told the PTI, “Market continued to be gripped by high volatility following a heavy selloff in the global markets led by elevated energy crisis and weak Chinese economic outlook underpinned by prospects of US rate hikes. Investors are weighing the possibility of a global slowdown due to monetary tightening by central banks, lockdown in China, and Russia -Ukraine war. All these has resulted in an outflow of funds from equity markets.”

In the broader market, the BSE midcap declined 0.88 per cent and smallcap index dipped 0.61 per cent. A total of 2,202 stocks declined, 1,161 advanced, and 120 remained unchanged. 

On the other hand, LIC set the price band at Rs 902-949 per share for its Rs 21,000 crore IPO, which will open for subscription on May 4.

In the Asian market, Tokyo and Seoul settled over 1 per cent lower, while Hong Kong and Shanghai ended higher. In Europe, markets were trading in the green in the afternoon session. The US stock market ended sharply lower on Tuesday.

Meanwhile, international oil benchmark Brent crude gained 0.89 per cent to $105.81 per barrel. Prices of gas soared by 24 per cent in Europe after Russia said it would cut off supplies to Poland and Bulgaria.

According to exchange data, foreign institutional investors (FIIs) continued their selling spree, offloading shares worth Rs 1,174.05 crore on Tuesday.