Local stocks closed sharply lower, NIFTY down 1.64%

The key domestic indices ended on a sharply negative note. Nifty Financial Services, Nifty Private Bank and Nifty Bank shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex, slumped 1247.71 points or 1.67% to 73,580.54. The Nifty 50 index plunged 383.70 points or 1.64% to 23,063.10. In the past three trading sessions, the Nifty and Sensex moved lower by 1.50% and 1.71%, respectively.

The broader market surpassed the frontline indices. The BSE 150 MidCap Index posted steep losses of 2.07% and the BSE 250 SmallCap Index retreated 1.28%.

The market breadth was weak. On the BSE, 1570 shares rose and 3659 shares declined. A total of 188 shares were unchanged.

HDFC Bank Ltd was the top traded stock in NIFTY50 index today, recording a quantity of 295.75 lakh shares and posted a sharp drop of 2.81% compared to last one-week’s average daily volume. The stock has inched higher by around 1.13% in last one-month and has plunged 22.98% over last one year.

HDFC Life Insurance Company Ltd was the second highest traded stock in NIFTY50 index today, recording a quantity of 179.06 lakh shares and saw a sharp spurt of 319.96% compared to last one-week’s average daily volume. The stock has edged up 1.55% in last one-month and has fallen sharply 27.55% over last one year.

Index action

The Nifty Financial Services index shed 2.39% to 24954.15 today. The index has gained modestly by 1.20% in last one week and has slipped by 2.27% over last one month. It is down 3.74% in last one year. Max Financial Services Ltd (down 9.78%), HDFC Life Insurance Company Ltd (down 6.16%), Bajaj Finance Ltd (down 5.87%), Cholamandalam Investment & Finance Company Ltd (down 5.20%) and Axis Bank Ltd (down 4.56%) went down.

The Nifty Private Bank index retreated by 2.19% to 26763.95 today. The index has edged up by 0.29% in last one week and has posted modest losses of 0.50% over last one month. It inched up by 1.13% in last one year. IDFC First Bank Ltd (down 4.71%), Axis Bank Ltd (down 4.56%), Bandhan Bank Ltd (down 4.43%), IndusInd Bank Ltd (down 4.15%) and RBL Bank Ltd (down 3.56%) fell.

Global Markets

European markets saw a mild uptick.

DOW futures are lower by 0.29% today.

MCX Crude oil futures are higher by 2.49% at Rs 8802.0 per barrel.

NIFTY50 futures ended with a loss of 1.51% at 23095 and are in a premium of 32 points compared to NIFTY50.