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Economy

Nifty, Sensex record declines in profit booking

The 30-share BSE Sensex plummeted by 617.30 points or 0.83 percent to settle at 73,885.60, hitting a day's low of 73,668.73 due to substantial selling in blue-chip stocks.

News Arena Network - Mumbai - UPDATED: May 30, 2024, 04:26 PM - 2 min read

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Benchmark equity indices, Sensex and Nifty, sustained their downward trend for the fifth consecutive day on Thursday, slipping nearly 1 percent amid profit booking activities coinciding with the monthly expiry in the derivatives segment.

 

The 30-share BSE Sensex plummeted by 617.30 points or 0.83 percent to settle at 73,885.60, hitting a day's low of 73,668.73 due to substantial selling in blue-chip stocks.

 

Meanwhile, the NSE Nifty recorded a decline of 216.05 points or 0.95 percent, closing at 22,488.65.

 

Following record-high levels attained on May 23, which prompted profit-taking, both Nifty and Sensex have experienced a collective decline of approximately 2 percent over the course of the past five trading sessions.

 

Investors are exhibiting growing nervousness ahead of the Lok Sabha polls results scheduled for June 4.

 

Vinod Nair, Head of Research at Geojit Financial Services, attributed the benchmark index's performance to the climbing treasury yields in the US market, amid persistent global inflation concerns, which are delaying the central bank's interest rate cut policy.

 

Major laggards among the Sensex constituents included Tata Steel, Titan, Tech Mahindra, Wipro, Bajaj Finserv, Bajaj Finance, Nestle India, Tata Motors, and JSW Steel.

 

Conversely, ICICI Bank, Axis Bank, HDFC Bank, State Bank of India, and Kotak Mahindra Bank emerged as gainers.

 

Nair highlighted that the broader market continued to exhibit weakness, driven by profit booking activities amidst a tepid monthly expiry closure due to waning interest in holding short-term positions, coinciding with the upcoming exit poll weekend.

 

In Asian markets, Seoul, Tokyo, Hong Kong, and Shanghai registered declines.

 

Conversely, European markets displayed gains, while US markets concluded Wednesday's session in negative territory.

 

Foreign Institutional Investors (FIIs) reportedly divested equities worth Rs 5,841.84 crore on Wednesday, as per exchange data.

 

With the last phase of polling scheduled for June 1, the outcome of the general elections is eagerly anticipated on June 4.

 

Brent Crude, the global oil benchmark, witnessed a 0.41 percent decrease, settling at USD 83.19 a barrel.

 

On Wednesday, the 30-share BSE Sensex experienced a decline of 667.55 points or 0.89 percent, closing at 74,502.90.

 

Meanwhile, the NSE Nifty recorded a drop of 183.45 points or 0.80 percent, concluding at 22,704.70.

 

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