Indices off record highs: Day after bull run, Sensex slumps 383 points to below 39,000; Nifty sheds 119 points

An intense selling was seen, barring initial hours, across sectors after market participants sensed that exit polls euphoria over BJP' likely win in the general election has already been factored in appropriately.

Press Trust of India May 21, 2019 17:07:44 IST
Indices off record highs: Day after bull run, Sensex slumps 383 points to below 39,000; Nifty sheds 119 points
  • After hitting an intra-day record high of 39,571.73, the 30-share index ended 382.87 points, or 0.97%, lower at 38,969.80

  • Tata Motors was the biggest loser in the Sensex pack, dipping 7.05%

  • The broader BSE midcap and smallcap indices ended in the red in line with benchmarks

Mumbai: Benchmark indices took U-turn from record high levels touched during early trade on Tuesday, with the BSE Sensex tripping nearly 383 points and the NSE Nifty shedding over 119 points as investors hurried up to book profits.

An intense selling was seen, barring initial hours, across sectors after market participants sensed that exit polls euphoria over Bharatiya Janata Party's (BJP) likely win in the general election has already been factored in appropriately.

After hitting an intra-day record high of 39,571.73, the 30-share index ended 382.87 points, or 0.97 percent, lower at 38,969.80. The gauge hit the day's low of 38,884.85.

Indices off record highs Day after bull run Sensex slumps 383 points to below 39000 Nifty sheds 119 points

Representational image. Reuters.

In a similar movement, the broader NSE Nifty plunged 119.15 points, or 1.01 percent, to 11,709.10.

Tata Motors was the biggest loser in the Sensex pack, dipping 7.05 percent, a day after the company posted a 49 percent decline in March quarter profit.

Maruti, IndusInd Bank, M&M, Bharti Airtel, SBI, PowerGrid, Hero MotoCorp, Tata Steel, ICICI Bank, Infosys, Yes Bank and TCS too fell up to 3.25 percent.

On the other hand, RIL, HUL and Bajaj Finance ended in the green, rising up to 1.08 percent.

The broader BSE midcap and smallcap indices ended in the red in line with benchmarks, falling up to 0.84 percent.

Traders believe that though a profit-booking emerged at higher levels, election rally may continue if the election results come as per exit polls prediction.

On Monday, the 30-share index skyrocketed 1,421.90 points, or 3.75 percent, to 39,352.67, and the Nifty soared 421.10 points, or 3.69 percent, to 11,828.25.

The rally came after a majority of exit polls forecast another term for Prime Minister Narendra Modi. The results of the seven-phase polls will be announced on 23 May.

Meanwhile, the Indian rupee was trading marginally lower at 69.76 against the US dollar.

Brent crude, the global benchmark, was trading at 72.01 per barrel, higher by 0.04 percent.

Globally, bourses in Asia ended on a mixed note, while those in Europe were trading in the green in their respective early deals.

Updated Date:

also read

Opinion | How states have denied Hindus real freedom with Centre's support for the last 70 years
India

Opinion | How states have denied Hindus real freedom with Centre's support for the last 70 years

For more than 70 years now, when it comes to Hindu rights and the administration of Hindu institutions, including temples, laws have been lopsided against Hindus and in violation of the Constitution

Two decades of Narendra Modi in public office has unleashed might of a billion aspirations
Politics

Two decades of Narendra Modi in public office has unleashed might of a billion aspirations

In the two decades that Narendra Modi has been in public office, first as chief minister and then as prime minister, he has established his vision of development for all

Tata Motors to raise $1 billion from TPG Rise Climate for electric vehicle business: All you need to know
News & Analysis

Tata Motors to raise $1 billion from TPG Rise Climate for electric vehicle business: All you need to know

Under the agreement, TPG Rise Climate, along with its co-investor ADQ, will invest in the electric vehicle subsidiary of Tata Motors that will be newly incorporated.