Mumbai, Nov 18 (PTI) Equity benchmarks buckled under selling pressure for the third session on the trot on Thursday as bearish global cues and a disappointing market debut for Paytm unnerved investors.
The 30-share BSE Sensex tumbled 372.32 points or 0.62 per cent to finish at 59,636.01. Similarly, the NSE Nifty dived 133.85 points or 0.75 per cent to 17,764.80.
M&M was the top loser in the Sensex pack, shedding 3.28 per cent, followed by Tech Mahindra, HCL Tech, L&T, Tata Steel, IndusInd Bank and Maruti.
Only six index constituents managed to close in the green — SBI, PowerGrid, HDFC Bank, Reliance Industries, ICICI Bank and HUL, climbing up to 1.16 per cent.
In the broader market, One97 Communications Ltd, Paytm’s parent company, crashed around 27 per cent in its market debut on Thursday. Paytm’s Rs 18,300-crore IPO, the country’s largest initial share sale, was subscribed 1.89 times last week.
“Weak listing of India’s largest IPO and soft global market amid rising inflation woes impacted domestic sentiment. In the context of a weak global market, contraction extended in metal and crude oil prices, weighing down the Indian market.
“The auto sector was also under pressure as the industry reported weak festive sales numbers owing to poor demand for two-wheelers and supply shortage in semiconductors” said Vinod Nair, Head of Research at Geojit Financial Services.
Ajit Mishra, VP – Research, Religare Broking, said the bears continued to dominate and dragged the index lower as weak global cues impacted sentiment.
“Besides, the subdued listing of Paytm added to the pressure as the session progressed. The scheduled weekly expiry further added to the volatility….We reiterate our cautious view on the markets, given the feeble global cues,” he added.
Markets will remain closed on Friday on account of ‘Guru Nanak Jayanti’.
During the holiday-truncated week, Sensex slumped 1,050.68 points or 1.73 per cent, while Nifty tanked 337.95 points or 1.86 per cent.
All sectoral indices ended in the red on Thursday, with BSE metal, auto, capital goods, basic materials and industrial indices falling as much as 2.76 per cent.
Broader BSE midcap and smallcap indices lost up to 1.68 per cent.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with losses.
Stock exchanges in Europe were largely trading with gains in mid-session deals.
Meanwhile, international oil benchmark Brent crude slipped 0.46 per cent to USD 79.91 per barrel.
The rupee erased most of its initial gains to settle 4 paise higher at 74.24 against the US dollar on Thursday, as some pullback in crude oil prices and a weak greenback in the overseas market supported the local unit.
Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 344.35 crore, as per exchange data.
