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The 30-share BSE benchmark tumbled 502.25 points or 0.62 per cent to settle at 80,182.20, taking its downtrend to the third day. (File photo/Reuters)
Stock Market Update: Indian equity markets witnessed a sharp sell-off on Thursday morning, with benchmark indices tumbling significantly in early trade. The BSE Sensex dropped 1,162.12 points, or 1.45%, to 79,020.08, while the NSE Nifty declined by 328.55 points, or 1.36%, to 23,870.30.
Markets are expected to react after the US Federal Reserve on December 18 announced a cut in the key interest rates by another 25 basis points to 4.25-4.50 per cent. The decision was announced following the two-day FOMC meeting, which concluded on December 18.
Equity benchmark indices Sensex and Nifty stayed on the back foot for the third straight session on Wednesday as investors offloaded utility, capital goods and metal stocks amid foreign fund outflows.
Investor sentiment remained subdued ahead of the outcome of the US Federal Reserve’s policy meeting.
The 30-share BSE benchmark tumbled 502.25 points or 0.62 per cent to settle at 80,182.20, taking its downtrend to the third day. During the day, it tanked 634.38 points or 0.78 per cent to 80,050.07.
As many as 2,563 stocks declined while 1,442 advanced and 94 remained unchanged on the BSE.
The NSE Nifty declined 137.15 points or 0.56 per cent to 24,198.85.
From the 30-share blue-chip pack, Tata Motors, Power Grid, NTPC, Adani Ports, JSW Steel, ICICI Bank, Larsen & Toubro and Bajaj Finance were the main laggards.
In contrast, Tata Consultancy Services, Reliance Industries, Tech Mahindra and HCL Technologies were the gainers.
The BSE smallcap index declined 0.76 per cent, and the midcap gauge dipped 0.61 per cent.
Among sectoral indices, utilities tanked 2.06 per cent, power (1.78 per cent), capital goods (1.56 per cent), metal (1.44 per cent), industrials (1.30 per cent) and financial services (1.20 per cent).
BSE Focused IT, healthcare and IT were the gainers.
The rupee dropped 3 paise to close at an all-time low of 84.94 (provisional) against the US dollar on Wednesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 6,409.86 crore on Tuesday, according to exchange data.
In Asian markets, Seoul, Shanghai and Hong Kong settled higher, while Tokyo ended lower.
European markets were trading in the positive territory in mid-session deals. Wall Street ended lower on Tuesday.
Global oil benchmark Brent crude climbed 0.48 per cent to USD 73.67 a barrel.
Falling for the second day in a row, the BSE benchmark tanked 1,064.12 points or 1.30 per cent to settle at 80,684.45 on Tuesday. The Nifty tumbled 332.25 points or 1.35 per cent to 24,336.
