Sensex slumps 324 points on heavy selloff in auto, energy and financial stocks as crude prices weigh on investor sentiment

Maruti Suzuki tumbled 2.23 percent after the country's largest car maker reported a 4.6 percent decline in net profit to Rs 1,795.6 crore for the March quarter

Press Trust of India April 25, 2019 16:32:36 IST
Sensex slumps 324 points on heavy selloff in auto, energy and financial stocks as crude prices weigh on investor sentiment
  • After starting on a positive note, the indices succumbed to a sudden selloff in the last half-hour of trade

  • The NSE Nifty too dropped below the 11,650 mark as April futures and options (F&O) contracts expired, ending 84.35 points

  • Brent crude futures, the global oil benchmark, rose 1.25 percent, surging past the $75 per barrel mark

Mumbai: Equity benchmark BSE Sensex cracked 324 points Thursday on the heavy selloff in auto, metal, energy and financial stocks as boiling crude prices and depreciating rupee weighed on investor sentiment.

Maruti Suzuki tumbled 2.23 percent after the country's largest car maker reported a 4.6 percent decline in net profit to Rs 1,795.6 crore for the March quarter.

After starting on a positive note, the indices succumbed to a sudden selloff in the last half-hour of trade.

The Sensex finished at 38,730.86, down by 323.82 points, or 0.83 percent.

The NSE Nifty too dropped below the 11,650 mark as April futures and options (F&O) contracts expired, ending 84.35 points, or 0.72 percent, down at 11,641.80.

Sensex slumps 324 points on heavy selloff in auto energy and financial stocks as crude prices weigh on investor sentiment

Representational image. Reuters

Top losers in the Sensex pack included Tata Steel, Vedanta, Maruti, SBI, Coal India, Tata Motors, Sun Pharma, HUL, RIL, IndusInd Bank, Axis Bank, HDFC duo, ICICI Bank, M&M, Kotak Bank, and Infosys, falling up to 2.89 percent.

On the other hand, Bharti Airtel, TCS and Bajaj Auto gained up to 2.08 percent.

According to Rahul Mishra, AVP (Derivatives), Emkay Global Financial Services, market made new highs during the month but could not sustain there due to profit-booking at higher levels.

Brent crude futures, the global oil benchmark, rose 1.25 percent, surging past the $75 per barrel mark.

The rupee depreciated 37 paise to 70.23 against the US dollar intra-day.

Meanwhile, foreign institutional investors (FIIs) purchased equity worth Rs 974.88 crore on Wednesday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 657.06 crore, provisional data available with stock exchanges showed.

Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul ended on a mixed note. European equites too started weak.

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