Domestic benchmark indices Sensex and Nifty plunged over 1.4 per cent on Thursday amid caution ahead of the results of the general elections and continued selling by foreign portfolio investors (FPIs).
The Sensex slipped 1,062.22 points, or 1.45 per cent, to close at 72,404.17, while Nifty 50 declined 345 points or 1.55 per cent to finish at 21,957.5.
“The broader market witnessed volatility, underscoring caution on account of Q4 earnings and general election uncertainties, which led investors to stay on the sidelines,” said Vinod Nair, Head of Research, Geojit Financial Services.
He expects the trend to continue in the short term as the market slid below the physiological level of 22,000.
“Continued FIIs selling and fear of not so favorable election outcome have dented market sentiments. With voter turnout ratio (65.68 per cent) slightly lower than 2019 for the same seats (except Assam), investors have turned nervous about BJP’s expected seat count,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
On Thursday, foreign portfolio investors (FPIs) sold Rs 6,994.86 crore of domestic shares, while domestic institutional investors bought Rs 5,642.53 crore of equities, according to BSE’ s provisional data.
© The Indian Express Pvt Ltd
First uploaded on: 09-05-2024 at 16:36 IST
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