Equities were dragged down by the decline in Housing Development Finance Corporation’s (HDFC) stock. The company’s quarterly numbers disappointed the Street.
The Sensex declined by 335.06 points, or 0.88%, to close at 37,736.07, whereas the Nifty dropped 100.7 points, or 0.9%, to close at 11,102.15 points.Indian equities fell for the second straight session on Thursday on account of profit-taking in the benchmarks and muted global cues. The Sensex declined by 335.06 points, or 0.88%, to close at 37,736.07, whereas the Nifty dropped 100.7 points, or 0.9%, to close at 11,102.15 points.
Ambareesh Baliga, an independent market expert, said till the Nifty does not fall below 10,800, it is unlikely to see a bullish trend reversal. “Thursday’s movement was affected by a variety of factors such as profit-taking due to settlement (monthly futures and options) and confusion over the new margin trading system which will come into effect next week.”
Deepak Jasani, head-retail research, HDFC Securities, said, “Indian markets have broken the recent pattern of one day up-one day down by falling for two consecutive sessions.”
Equities were dragged down by the decline in Housing Development Finance Corporation’s (HDFC) stock. The company’s quarterly numbers disappointed the Street.
HDFC’s stock price got corrected by 3.85% to close at Rs 1,804.95 apiece.
The Nifty Bank, which tanked by 1.95% to close at 21,646.85, was also responsible for dragging the equities down.
On Thursday’s monthly expiry, the futures and options segment on the NSE witnessed a turnover worth Rs 41.88 lakh crore, against the six-month average of Rs 14.9 lakh crore, which means that the day’s decline was on the basis of strong volumes.
Foreign portfolio investors (FPIs) have bought equities worth $1.12 billion so far in July.
On Wednesday, FPIs sold stocks worth $47.01 million, whereas domestic institutional investors sold stocks worth $67.4 million.
The biggest losers on Nifty were BPCL, IndusInd Bank, IOC, HDFC, and Axis Bank, down by 7.93%, 5.35%, 4%, 3.85%, and 3.15%, respectively. The biggest gainers were Dr Reddy’s Laboratories, Sun Pharma, Wipro, Vedanta, and Maruti Suzuki, up by 4.6%, 3.69%, 2.49%, 1.7% and 1.21%, respectively.
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