Stock markets fall for 3rd day on profit-taking, HDFC Bank major drag

Stock markets tumble for 3rd day as HDFC Bank drags
Bombay Stock Exchange
Bombay Stock Exchange

Mumbai | Benchmark indices Sensex and Nifty fell for the third day running on Thursday, dragged by continuous selling in HDFC Bank and profit-taking in consumer durables and utility shares.

The 30-share BSE Sensex fell by 313.90 points or 0.44 per cent to settle at 71,186.86. During the day, it tanked 835.26 points or 1.16 per cent to 70,665.50.

The Nifty declined 109.70 points or 0.51 per cent to 21,462.25. During the day, it plunged 286.4 points or 1.32 per cent to 21,285.55.

The heavy fall in the markets comes on the back of a recent record-breaking rally. The BSE benchmark hit an all-time high of 73,427.59 on Tuesday, and the Nifty also reached its lifetime peak of 22,124.15 the same day.

Among the Sensex firms, HDFC Bank, NTPC, Asian Paints, Power Grid, Titan, IndusInd Bank, Nestle and Maruti were the major laggards.

HDFC Bank fell over 3 per cent, extending its previous days' huge fall, after the company's December quarter earnings failed to impress investors. The private lender alone contributed 305 points to the fall.

Sun Pharma, Tech Mahindra, Tata Motors, Mahindra & Mahindra, Axis Bank and Larsen & Toubro were among the gainers.

In Asian markets, Tokyo settled lower while Seoul, Shanghai and Hong Kong ended in the positive territory.

European markets were trading on a mixed note. The US markets ended lower on Wednesday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 10,578.13 crore on Wednesday, according to exchange data.

On Wednesday, the BSE benchmark plunged 1,628.01 points, or 2.23 per cent, to settle at 71,500.76. The Nifty tanked 460.35 points or 2.09 per cent to settle at 21,571.95.

Global oil benchmark Brent crude climbed 0.50 per cent to USD 78.27 a barrel.

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