Sensex extends losing streak, plunges 297 points amid expiry of December derivatives contracts; Bharti Airtel, L&T among top losers

Bharti Airtel was the top loser in the Sensex pack, dropping 2.23 percent, followed by Reliance Industries, L&T, Sun Pharma, HDFC Bank, Maruti, Titan and Kotak Bank.

Press Trust of India December 26, 2019 17:13:36 IST
Sensex extends losing streak, plunges 297 points amid expiry of December derivatives contracts; Bharti Airtel, L&T among top losers
  • After tumbling 328.37 points during the day, the 30-share BSE Sensex ended 297.50 points, or 0.72%, lower at 41,163.76

  • Investor participation has also thinned on account of year-end holidays in domestic and global markets, traders said

  • BSE telecom, energy, capital goods, bankex, oil and gas, teck and healthcare indices lost up to 1.73%

Mumbai: Benchmark indices nursed losses for the third straight session on Thursday, led by selling in market heavyweights Reliance Industries and HDFC Bank amid expiry of December derivatives contracts.

After tumbling 328.37 points during the day, the 30-share BSE Sensex ended 297.50 points, or 0.72 percent, lower at 41,163.76. It hit an intra-day low of 41,132.89. Similarly, the broader NSE Nifty closed 88 points, or 0.72 percent, down at 12,126.55.

Sensex extends losing streak plunges 297 points amid expiry of December derivatives contracts Bharti Airtel LT among top losers

Representational image. Reuters.

Bharti Airtel was the top loser in the Sensex pack, dropping 2.23 percent, followed by Reliance Industries, L&T, Sun Pharma, HDFC Bank, Maruti, Titan and Kotak Bank.

On the other hand, ONGC, NTPC, Tata Steel, Bajaj Finance and M&M rose up to 1.63 percent.

According to traders, market turned volatile on expiry of December futures and options (F&O) contracts. Further, investor participation has also thinned on account of year-end holidays in domestic and global markets, they said.

"Market started-off on a flat note on holiday-shortened week, however, consolidation extend on account of F&O expiry led volatility and concern over the fiscal math of the government due to possible delay in divestments planned this fiscal. Global markets seem to be in comfort zone fuelled by hopes of easing trade tension, while the domestic market is expected to wait for cues from the Budget," said Vinod Nair, Head of Research, Geojit Financial Services.

BSE telecom, energy, capital goods, bankex, oil and gas, tech and healthcare indices lost up to 1.73 percent. Metal and basic materials settled up to 0.66 percent higher.

Broader BSE Midcap closed 0.13 percent lower while the smallcap index inched up 0.38 percent.

Bourses in Shanghai, Tokyo and Seoul ended on a positive note .

On the currency front, the rupee was flat against the US dollar at 71.27 (intra-day).

Brent futures, the global oil benchmark, advanced 0.33 percent to $67.42 per barrel.

Updated Date:

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