Nifty on Thursday plunged to six-month lows amid a global market rout which triggered a sell-off in the domestic equity markets. The Sensex, which had plunged over 1,000 points in opening trade, closed 759.74 points, or 2.19%, lower at 34,001.15 points. The NSE Nifty recouped some of its early morning losses to close at 10,234.65 points, down 225.45 points or 2.16% lower.
The BSE market breadth remained bearish on Thursday, with 1,765 declines and 819 advances. Yes Bank, HUL and ONGC were the only Sensex losers, while Infosys, HDFC, TCS, HDFC Bank, SBI, ICICI Bank, Reliance Industries and ITC cumulatively wiped off over 500 points from the index. Yes Bank was the only gainer on the banking index.
IT major Tata Consultancy Services will be the first Nifty bluechip company to announce its corporate results for the second quarter ended September, 2018 today. Airline stocks traded higher today after the government on Wednesday cut excise duty on jet fuel or ATF to 11% from current 14% in a bid to give relief to the aviation industry that has been hit hard by high fuel prices. Oil marketing companies stocks bucked the trend and traded with gains riding on lower crude prices.
Oil fell to two-week lows on Thursday as it extended losses from the previous session amid a rout in global stock markets, with prices also hit by an industry report showing U.S. crude inventories rose more than expected, according to a Reuters report. In the global markets, the S&P 500 index on Wall Street witnessed its biggest intra-day fall in nearly eight months on the back of falling technology shares on fears of slowing demand. The Asian markets, too, tanked on Thursday tracking the overnight US markets losses.