Stock Markets Tumble For Third Day On Profit-Taking

The benchmark indexes Sensex and Nifty declined for the third day in a row on Thursday, driven by further selling in HDFC Bank and profit-taking in consumer durables and utility stocks.

The 30-share BSE Sensex lost 313.90 points, or 0.44 percent, to end at 71,186.86. During the day, it sank 835.26 points, or 1.16 percent, to 70,665.50.

The Nifty fell 109.70 points, or 0.51 percent, to 21,462.25. During the day, it dropped 286.4 points, or 1.32 percent, to 21,285.55.

HDFC Bank, NTPC, Asian Paints, Power Grid, Titan, IndusInd Bank, Nestle, and Maruti were the Sensex’s major laggards.

HDFC Bank slumped more than 3 percent, extending its previous day’s massive drop, as the company’s December quarter earnings failed to impress investors. The private lender alone contributed 305 points to the decline.

Sun Pharma, Tech Mahindra, Tata Motors, Mahindra & Mahindra, Axis Bank, and Larsen & Toubro all made gains.

In Asian markets, Tokyo fell, while Seoul, Shanghai, and Hong Kong closed higher.

The European markets were trading on a mixed note.

The US markets closed down on Wednesday.

Brent crude rose 0.50 percent to US$78.27 per barrel.

According to exchange data, Foreign Institutional Investors (FIIs) sold securities worth Rs 10,578.13 crore on Wednesday.

On Wednesday, the BSE benchmark plummeted 1,628.01 points, or 2.23 percent, to 71,500.76 on profit-taking, while the Nifty shed 460.35 points, or 2.09 percent, to close at 21,571.95.

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