Sensex, Nifty plunge nearly 1 per cent on weak global cues; RIL, Infosys weigh

PTI

Mumbai, September 28

Equity benchmark indices Sensex and Nifty fell by nearly 1 per cent on Thursday due to unabated foreign capital outflows amid a largely negative trend in global markets.

Besides, heavy selling pressure in index major Reliance Industries, Infosys and ITC also dented market sentiments, traders said.

The 30-share BSE Sensex fell 610.37 points or 0.92 per cent to settle at 65,508.32. During the day, it plunged 695.3 points or 1.05 per cent to 65,423.39.

The Nifty declined 192.90 points or 0.98 per cent to end at 19,523.55.

Tech Mahindra was the biggest loser in the Sensex pack, slipping 4.59 per cent, followed by Asian Paints, Wipro, Kotak Mahindra Bank, Bajaj Finserv, Infosys, ITC, Mahindra & Mahindra, Hindustan Unilever, IndusInd Bank, Reliance Industries and JSW Steel.

In contrast, Larsen & Toubro, Bharti Airtel, Power Grid and Axis Bank were among the gainers.

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 USD 96.18 a barrel.

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

“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.

The BSE benchmark had climbed 173.22 points or 0.26 per cent to settle at 66,118.69 on Wednesday. The Nifty gained 51.75 points or 0.26 per cent to end at 19,716.45.

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