Sensex, Nifty sink for fifth day

Mumbai: The Sensex nosedived over 1,150 points while the Nifty crashed below the 16,000-level on Thursday, extending their losing streak to the fifth straight session, as world markets were unnerved by elevated US inflation which triggered concerns of accelerated rate hikes.

The rupee plunged by 25 paise to close at its lifetime low of 77.50 against the US currency on Thursday as the dollar touched a fresh two-decade high in global markets.

At the interbank forex market, the rupee opened steeply lower at 77.52 against the greenback and moved in a range of 77.36 to 77.63 in the day trade.

The 30-share BSE Sensex tumbled 1,158.08 points or 2.14 per cent to finish at an over two-month low of 52,930.31.

Similarly, the broader NSE Nifty tanked 359.10 points or 2.22 per cent to 15,808.

A weak trend in equities have eroded Rs 18,74,689.98 crore from the market capitalisation of BSE-listed firms in five days. The market capitalisation of BSE-listed firms is now at Rs 2,40,90,199.39 crore.

Barring Wipro, all Sensex constituents finished in the red.

IndusInd Bank lost 5.82 per cent, followed by Tata Steel, Bajaj Finance, Bajaj Finserv, Axis Bank, HDFC Bank, HDFC, Titan and L&T.

In value terms, HDFC twins and Reliance Industries were the top drags on the benchmark. Global markets were hammered by a fresh wave of selling after US reported consumer inflation of 8.3 per cent in April, slightly lower than the level in March but still way beyond the Federal Reserve's target of 2 per cent.

Domestic investors also remained on the sidelines ahead of release of inflation and IIP data.

In the broader market, the BSE midcap gauge tanked 2.24 per cent and smallcap went lower by 1.96 per cent.

All BSE sectoral indices ended with losses, with power falling 4.11 per cent, followed by utilities (3.90 per cent), metal (3.75 per cent), bank (3.14 per cent), finance (3.14 per cent) and telecom (2.81 per cent).

A total of 2,614 stocks declined, while 747 advanced and 86 remained unchanged.

Elsewhere in Asia, markets in Tokyo, Hong Kong, Seoul and Shanghai settled sharply lower.

Equity markets in Europe were quoting with sharp cuts in the afternoon session.

Stock exchanges in the US had ended lower on Wednesday. Meanwhile, international oil benchmark Brent crude declined 2.02 per cent to $105.7 per barrel.

Continuing their selling spree, foreign institutional investors offloaded shares worth Rs 3,609.35 crore on Wednesday, according to stock exchange data.