Sensex tumbles 770 points; RIL, TCS, Infosys slump amid weak global sentiments

Mumbai: The Indian stock market’s benchmark Sensex slumped 770 points on Thursday dragged by selling pressure in heavyweights Reliance Industries and TCS amid weak global sentiments and concerns over economic growth.

The 30 stock S&P BSE Sensex slumped 770.48 points or 1.29 per cent to 58,766.59 points against its previous session’s close at 59,537.07 points. Earlier, the markets started the day deep in the red tracking weakness in the global equities markets. The Sensex started the day at 58,710.53 points and slumped to a low of 58,522.57 points in the intra-day.

The markets have witnessed volatile trading this week. The index had surged by 1564.45 points or 2.70 per cent on Tuesday, the previous trading session. The stock markets were closed on Wednesday on account of Ganesh Chaturthi.

The broader Nifty 50 of the National Stock Exchange slumped 216.50 points or 1.22 per cent to 17,542.80 points against its previous session’s close at 17,759.30 points.

The Nifty had surged by 446.40 points or 2.58 per cent on Tuesday.

The index heavyweights Reliance Industries Limited and Tata Consultancy Services were among the biggest drag.
Reliance Industries Limited slumped 2.99 per cent to Rs 2560.20. Tata Consultancy Services tumbled 2.49 per cent to Rs 3131.55.

Tech Mahindra dipped 2.15 per cent to Rs 1053.50. Infosys slumped 1.93 per cent to Rs 1464.40.

Sun Pharma, Hindustan Unilever, NTPC, Tate Steel, Bajaj Finance, HDFC, Power Grid Corporation and ICICI Bank were among the major Sensex losers.

Only seven of the 30 scrips that are part of the benchmark Sensex closed in the positive. Bajaj Finserv jumped 2.58 per cent to Rs 17404. Asian Paints, Bharti Airtel, Titan, State Bank of India and Mahindra & Mahindra were among the major Sensex gainers.

The stock markets have slumped a day after the release of the quarterly economic growth data.

India’s gross domestic product (GDP) growth rose to 13.5 per cent in the first quarter of the current financial year as compared to 4.1 per cent in the previous quarter, as per the data released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation, on Wednesday.

Though this GDP growth number is the sharpest in a year, it is much below than the market’s expectations. The high GDP growth during the first quarter of the current financial year is largely due to low base.

India’s real GDP or Gross Domestic Product (GDP) at Constant (2011-12) prices in Q1 2022-23 is estimated to attain a level of Rs 36.85 lakh crore, as against Rs 32.46 lakh crore in Q1 2021-22, showing a growth of 13.5 per cent as compared to 20.1 percent in Q1 2021-22, the National Statistical Office (NSO) data showed.