Sensex, Nifty Dip Amid Selling Pressure: HDFC Bank Drag
Indian stock market indices Sensex and Nifty show a significant decline.
Key Highlights
Indian markets Sensex and Nifty hit one-week lows on Thursday due to intense selling pressure, with HDFC Bank shares plummeting.
Indian benchmark indices, the Sensex and Nifty, experienced extended losses on Thursday, with both closing at their lowest levels in a week. Intensified selling pressure drove the market downturn, marking a notable decline for key indices.
- The Sensex fell 539.35 points (0.70%) to close at 76,933.59.
- The declined 116.90 points (0.48%) to settle at 24,090.85.
HDFC Bank emerged as a significant drag on the market, with its shares falling 2.23% to a 52-week low. This decline occurred amidst reports of a US class-action lawsuit and ongoing uncertainty surrounding its CEO’s tenure.
Major Laggards
- Hindalco Industries
- M&M
- Shriram Finance
- Grasim
- HCLTech
- Bharti Airtel
- Reliance Industries
Select Gainers and Sectoral Moves
Power-equipment stocks, including BHEL and CG Power, saw gains, buoyed by positive sentiment following a US government order. Conversely, Tata Power shares dropped after a Singapore court dismissed its challenge against an arbitration award, adding to market specific pressures.
Further impacting the broader market, gold-loan stocks also experienced declines, alongside CONCOR which faced pressure. The overarching weakness in the market is primarily attributed to elevated geopolitical and macroeconomic uncertainty, even as easing crude prices offered some limited relief.