eakness in Indian rupee, Opec meeting outcome in terms of production cut and upcoming results of five state assembly elections. The nervousness is quite evident as there is sharp sell-off across the industries, especially in those stocks where there are corporate governance concerns,” said Jagannadham Thunuguntla, senior vice-president and head of research at Centrum Broking.
Maruti Suzuki, Tata Motors, YES Bank, Adani Ports and Reliance Industries were the biggest laggards among Sensex pack, tanking as much 4.63%.
The broader market, too, did not have a cheerful day as both the BSE Midcap and Smallcap indices ended lower by 1.54% and 1.36%, respectively.
“We feel investors should be ready with a shopping list of stock ideas, as markets can surprise on upside if macros stabilise, and election results come out palatable to markets,” Jagannadham said.
All the 19 sub-sectoral indices compiled by Sensex were in the red at the end of the day, with BSE Energy taking the pole position and falling 2.35%. Other top losing sectors were Realty and Auto (2.26%), Telecom (2.11%) and Consumer Discretionary Goods and Services (1.83%).
“Markets have been behaving extremely volatile for last one month and still there’s no sign of slowing down, thanks to the upcoming events – Opec meet and assembly elections results. Such condition poses threat mainly to the traders as they end up losing on both sides,” Jayant Manglik, president at Religare Broking, said.
Fall in the Asian markets due to the arrest of a top executive of Chinese telecom giant Huawei in Canada also triggered the Indian equity market on Thursday.