Sensex tanks nearly 700 pts on selling in HDFC Bank, SBI & ITC

Mumbai: Equity benchmark BSE Sensex tumbled nearly 700 points to sink below the 79,000 level on Tuesday, extending its losses for the second straight day due to selling pressure in HDFC Bank, SBI and ITC amid fresh foreign capital outflows.

Besides, deep losses in commodity, banking and financial stocks and concerns over stretched valuation contributed to the steep market decline, analysts said.

The 30-share BSE Sensex tumbled 692.89 points or 0.87 per cent to settle at 78,956.03. During the day, it tanked 759.54 points or 0.95 per cent to 78,889.38.

The NSE Nifty slumped 208 points or 0.85 per cent to 24,139.

A total of 2,676 stocks declined while 1,266 advanced and 84 remained unchanged on the BSE.

The market capitalisation of BSE-listed firms declined by Rs 4,52,565.44 crore to Rs 4,45,30,265.42 crore ($5.30 trillion).

From the 30 Sensex firms, HDFC Bank declined over 3 per cent. Tata Steel, Bajaj Finance, State Bank of India, Tata Motors, Power Grid and JSW Steel were the other laggards.

In contrast, Titan, HCL Tech, Nestle, Sun Pharma, Reliance and Mahindra & Mahindra were the gainers.

Seven firms, including Vodafone Idea and Oil India, would be included in the MSCI India Index effective August 30, 2024, as per the latest index review by MSCI.

Dixon Technologies (India), Oil India, Oracle Financial Services Software, Prestige Estates Projects, Rail Vikas Nigam, Vodafone Idea and Zydus Lifesciences are the additions to the MSCI India Index, according to an announcement by index compiler MSCI.

In the broader market, the BSE smallcap gauge declined 1.16 per cent, and the midcap index dipped 0.98 per cent.

Among the indices, commodities dropped 1.84 per cent, financial services declined 1.73 per cent, bankex (1.45 per cent), metal (1.37 per cent), services (1.18 per cent) and capital goods (0.84 per cent). Consumer Durables emerged as the only gainer among the indices.

The rupee witnessed range-bound trading and settled for the day on a flat note at 83.97 against the US dollar on Tuesday, as weak domestic markets and a surge in crude oil prices weighed on investor sentiments.

Foreign Institutional Investors (FIIs) again turned sellers on Monday as they offloaded equities worth Rs 4,680.51 crore after a day’s breather, according to exchange data.