Sensex Tanks 1,024 Points; Nifty Settles Below 17,250; Tata Consumer Products, HDFC Bank Top Drags
New Delhi: The Indian equity benchmarks on Monday plunged heavily, extending their fall to the third straight session amid selling across all sectors. State-run banks, however, surged while riding on the back of strong quarterly results. The benchmark BSE Sensex slumped 1,024 points or 1.75 per cent to close at 57,621, while the broader NSE Nifty dropped 303 points or 1.73 per cent to settle at 17,214.
Mid- and small-cap shares finished in the negative zone as Nifty Midcap 100 index fell 1.03 per cent and small-cap shares moved 1.34 per cent lower.
"At the current juncture, sentiments are weak and it may further drag Sensex. Investors should avoid taking any fresh positions for the time being till the market sentiments stabilize. Banking, auto, EV, Pharma and IT sectors look attractive and may show a good bounce from lower levels," said Ravi Singh, Head of Research and Vice President, Share India.
On the stock-specific front, Tata Consumer Products was the top Nifty laggard as the stock cracked 3.87 per cent to Rs 705.40. L&T, HDFC Bank, Britannia and HDFC Life were also among the laggards.
Except for Nifty PSU Bank, 14 out of 15 sub-indexes -- compiled by the NSE -- finished in the red.
PowerGrid, ONGC, Tata Steel, NTPC and SBI were among the gainers on the NSE index.
On BSE, the overall market breadth stood weak as 1,412 shares advanced while 2,098 declined.
On the 30-share platform, HDFC Bank, L&T, Bajaj Finance, Bajaj Finserv, Titan, Kotak Mahindra and HDFC attracted the most losses with their shares sliding as much as 3.65 per cent.
Meanwhile, the Reserve Bank of India (RBI) has rescheduled the meeting of the rate-setting Monetary Policy Committee (MPC) by a day in view of Maharashtra declaring a public holiday on February 7 to mourn the death of Bharat Ratna legendary singer Lata Mangeshkar.
The meeting will now begin on February 8 and the outcome would be announced on February 10.
Also, foreign portfolio investors (FPIs) pulled out as much as Rs 6,834 crore from Indian markets in the first four trading sessions of February.
On the global front, Asian markets traded lower after strong U.S. jobs data caused a spike in bond yields and added to the risk of an aggressive tightening by the Federal Reserve.
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