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Sensex, Nifty tumble over 1 per cent due to selling in Reliance, bank stocks

Power Grid, IndusInd Bank, Maruti, Wipro, Tata Steel, JSW Steel, Asian Paints, Mahindra & Mahindra, Reliance Industries and UltraTech Cement were the biggest laggards

PTI Mumbai Published 28.02.24, 04:28 PM
Representational image.

Representational image. File picture

Benchmark Sensex tanked more than 1 per cent while Nifty declined below the 22,000 level on Wednesday due to selling in index heavyweight Reliance Industries and bank stocks amid weak global market trends.

The 30-share BSE Sensex fell by 790.34 points or 1.08 per cent to settle at 72,304.88 with 26 of its constituents ending in the red and four in the green. During the day, it tanked 872.93 points or 1.19 per cent to a low of 72,222.29.


The Nifty slumped 247.20 points or 1.11 per cent to settle at 21,951.15. As many as 46 Nifty shares closed with losses while four advanced.

Among the Sensex firms, Power Grid fell the most by 4.43 per cent due to profit booking by investors.

Reliance Industries dropped around 2 per cent, contributing 185.59 points to the slide. IndusInd Bank, Maruti, Wipro, Tata Steel, JSW Steel, Asian Paints, Mahindra & Mahindra and UltraTech Cement were the biggest laggards.

Hindustan Unilever, Infosys and Tata Consultancy Services and Bharti Airtel were the gainers.

"Indian markets were jittery mirroring weak global markets. Global investors are awaiting the key US economic data like personal consumption expenditure, in anticipation of good forecast there is a fear that Fed rate cut maybe delayed. Turmoil in China's property sector further impacted the Asian market trend," said Vinod Nair, Head of Research, Geojit Financial Services.

In the broader market, the BSE smallcap gauge declined by 1.94 per cent and midcap index went lower by 1.82 per cent.

All the indices ended lower. Utilities fell by 2.82 per cent, oil & gas declined 2.19 per cent, realty tanked 2.12 per cent, telecommunication dipped 1.92 per cent, services (1.89 per cent) and commodities (1.85 per cent).

Shares of debt-laden Vodafone Idea plummeted around 14 per cent after the fundraising announcement by the company failed to lift investors' sentiment.

Shares of One97 Communications Ltd, the owner of the Paytm brand, fell 5 per cent to hit a lower circuit limit.

A total of 2,963 stocks declined while 881 advanced and 77 remained unchanged.

In Asian markets, Seoul settled with gains while Tokyo, Shanghai and Hong Kong ended lower.

European markets were trading mostly lower. The US markets ended mostly higher on Tuesday.

The BSE benchmark climbed 305.09 points or 0.42 per cent to settle at 73,095.22 on Tuesday. The Nifty ended 76.30 points or 0.34 per cent up at 22,198.35.

Global oil benchmark Brent crude declined 0.90 per cent to USD 82.90 a barrel.

Foreign institutional investors (FIIs) offloaded equities worth Rs 1,509.16 crore on Tuesday, according to exchange data.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.

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