Indian equity benchmarks dropped more than 2 per cent on Thursday, dragged by banking, financial and metal stocks. The domestic indices extended their fall for the fifth straight session today.
Investors remained worried ahead of April’s retail inflation data, which is likely to stay at an 18-month high. A broader decline in global stocks following U.S. consumer price data also dented investor sentiment. The U.S. consumer price index rose 8.3 per cent from a year ago, slower than March’s peak of 8.5 per cent, but still near the highest level in over 40 years.
Back home, the consumer price-based (CPI) inflation figure is scheduled to be released at 5:30 pm.
Further, the Indian rupee plunging to a fresh record low against the dollar turned market participants jittery.
The 30-share BSE Sensex plummeted 1,158 points or 0.51 per cent to close at 54,088, while the broader NSE Nifty moved 359 points or 2.22 per cent down to settle at 15,808.
Mid- and small-cap shares finished on a weak note as Nifty Midcap 100 dived 2.33 per cent and small-cap slipped 1.87 per cent.
All of the 15 sector gauges — compiled by the National Stock Exchange — settled in the red. Sub-indexes Nifty PSU Bank, Nifty Financial Services and Nifty Metal underperformed the index by falling as much as 5.39 per cent, 3.05 per cent and 3.70 per cent, respectively.
On the stock-specific front, Adani Ports was the top loser as the stock cracked 5.82 per cent to Rs 715.70. IndusInd Bank, Tata Motors, Tata Steel and JSW Steel were also among the losers.
The overall market breadth stood negative as 763 shares advanced while 2,599 declined on BSE.
On the 30-share BSE index, IndusInd Bank, Tata Steel, Bajaj Finance, Bajaj Finserv, Axis Bank, HDFC twins (HDFC and HDFC Bank), Titan, L&T, SBI, Kotak Mahindra Bank and Reliance Industries were among the top laggards.
In contrast, Wipro and HCL Tech finished in the green.