Benchmark stock indices lost almost 1% on Thursday in the backdrop of global cues and profit booking.
The S&P BSE Sensex dropped 486 points, or 0.92%, to close at 52,569 as metal, banking and pharma stocks lost ground. The top losers in the Sensex pack included Tata Steel, Sun Pharma, SBI, ICICI Bank and Dr. Reddy’s.
Similarly, the NSE Nifty 50 index shed 152 points, or 0.96%, to settle at 15,728. The top losers included Tata Motors, JSW Steel, Hindalco, Tata Steel and ONGC.
Ajit Mishra, vice-president, Research, Religare Broking Ltd., said the markets were pressurised by weak global cues. “Among the sectors, selling pressure across metal, banking and pharma pack widened the losses. The broader markets, too, ended in the red and lost in the range of 0.1-0.4%.”
He said the markets would first react to TCS numbers in early trade on Friday and that might set the tone for the result of the session as well.
“The demand scenario and management commentary will be crucial factors to watch out for in Q1FY22 results. We suggest keeping a check on naked leveraged positions and wait for clarity,” he added.
Source: Read Full Article