Business

Sensex tumbles 549 points; Nifty drops below 14,450

Tech Mahindra was the highest loser within the Sensex pack, shedding over 4 per cent, adopted by HCL Tech, ONGC, Asian Paints, ExtremelyTech Cement and HDFC.

On the opposite hand, Bharti Airtel, ITC, Bajaj Auto and Bajaj Finance have been the gainers.

Equity benchmark Sensex plunged 549 factors on Friday, dragged by losses in index majors Infosys, HDFC and ICICI Bank amid a largely destructive development in international markets.

Profit-booking at larger ranges stored benchmark indices risky, merchants stated.

The 30-share BSE index ended 549.49 factors or 1.11 per cent decrease at 49,034.67.

 

Similarly, the broader NSE Nifty tumbled 161.90 factors or 1.11 per cent to 14,433.70.

Tech Mahindra was the highest loser within the Sensex pack, shedding over 4 per cent, adopted by HCL Tech, ONGC, Asian Paints, ExtremelyTech Cement and HDFC.

On the opposite hand, Bharti Airtel, ITC, Bajaj Auto and Bajaj Finance have been the gainers.

According to Binod Modi, head-strategy at Reliance Securities, home equities witnessed sharp pullback with elevated volatility.

“However, we are not surprised with the day’s fall as this was broadly expected as benchmark indices had been marking fresh highs for last couple of days, which made valuations quite stretched,” he stated.

He additionally famous that any significant correction is prone to be purchased out within the subsequent interval as underlying power of the market stays intact.

Elsewhere in Asia, bourses in Shanghai and Hong Kong ended on a optimistic observe, whereas Seoul and Tokyo have been within the purple.

Photograph: Francis Mascarenhas/Reuters

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