Market Update: Nifty Cracks Below 18K, Sensex Slashes 550 Pts, Financials Languish

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Market Update: Nifty Cracks Below 18K, Sensex Slashes 550 Pts, Financials Languish

By Malvika Gurung -- After making a positive opening on Thursday, benchmark Indian indices gave into losses and slipped to red, led by heavy losses in market heavyweights, especially Bajaj Twins.

Headline index Nifty slid under the 18,000 mark and was last seen trading 0.7% lower at 17,916.9 levels after hitting the session’s low at 17,915.65, while Sensex declined 0.9% or 542.42 points. The market volatility barometer India VIX surged 2.12% to 15.52.

Financial, banking and IT stocks exerted pressure on the domestic market, while auto and FMCG equities provided some support.

Market biggies, especially Bajaj Finance (NS: BJFN ) and Bajaj Finserv (NS: BJFS ) tanked up to 8.3% on Thursday, souring the financials segment, while Titan (NS: TITN ), ICICI Bank (NS: ICBK ), Axis Bank (NS: AXBK ), Infosys (NS: INFY ), Power Grid Corporation (NS: PGRD ) and Wipro (NS: WIPR ) pulled the market lower.

Cipla (NS: CIPL ), Britannia (NS: BRIT ), Bajaj Auto (NS: BAJA ), ITC (NS: ITC ), Hindustan Unilever (NS: HLL ), Bharat Petroleum (NS: BPCL ), JSW Steel (NS: JSTL ) and HDFC Life Insurance (NS: HDFL ) were the top gainers on Nifty50 , while NTPC (NS: NTPC ), ITC and Mahindra & Mahindra (NS: MAHM ) led the gains on the 30-scrip index Sensex.

Most sectoral indices under the Nifty umbrella sank on Thursday, led by a 1.7% fall in Nifty Financial Services , followed by Nifty Private Bank and Nifty Bank , while Nifty FMCG and Nifty Pharma surged.

Read Also: India Market Near-Term Challenge & Buying Advice, Nifty Key Levels in View

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