The BSE Sensex and NSE Nifty nosedived over 1.50 per cent on Thursday on account of selling in frontline blue chip counters amid F&O expiry. The sentiments came under pressure after Bank of Japan kept the monetary policy steady defying market expectations. BOJ also surprised investors by deciding against any fresh market stimulus despite shocking data that underlined the huge problems facing the country’s economy.

The 30-share index closed 461.02 points, or 1.77 per cent down at 25,603.10, while the 50-share index slid 132.65 points at 7,847.25.

Among the 30 components in the BSE Sensex, only 3 stocks ended the day in green with TCS falling the most — 0.85 per cent, followed by Axis Bank (up 0.59 per cent) and Lupin (up 0.44 per cent). On the flip side, HDFC, ITC, Mahindra & Mahindra (M&M) and Maruti Suzuki slid 3.21 per cent, 3 per cent, 2.99 per cent and 2.94 per cent, respectively.

Sectorwise, the BSE Realty index (up 1.68 per cent) stood the only gainer on the Bombay Stock Exchange. The BSE Oil & Gas index, BSE Metal index and BSE Power index tumbled 2.18 per cent, 2.16 per cent and 2.01 per cent, respectively.

Hiren Dhakan, associate fund manager, Bonanza Portfolio, said, “Markets opened for the day on a flat note and remained weak throughout the day’s trading session owing to weak cues from global markets and in reaction to Fed’s statement in Wednesday’s meeting. The statement seemed more hawkish although Fed chose to keep interest rates unchanged. The statement increased the likeliness of rate hikes in Fed’s June meet which triggered a correction in most emerging markets.”

In scrip specific development, buying activity was witnessed in Mumbai-based realty stocks following the city’s civic body’s draft plan, recommending a steep hike in floor space index. FSI is the ratio of a building’s total floor area to the size of the land upon which it is built and indicates how much a developer can construct on a particular plot of land.

Sentiments remained dampened since morning with Fitch ratings’ report indicating that the rapid rise in private-sector debt in emerging markets (EMs), particularly in foreign currency, has increased risks to their economies at a time of heightened global uncertainty. Foreign-currency debt was highest as a share of GDP in Turkey at 41 per cent (including indexed debt) and Russia at 37 per cent. It was lowest in China at 10 per cent of GDP, and India at 17 per cent. Traders failed to get any sense of relief with report that foreign direct investment (FDI) into the country has increased 37 per cent after the launch of ‘Make in India’ programme till February this year. The overseas inflows grew 29 per cent during the period compared to the 15-month period prior to the launch.

Selling got intensified after European counters have made a feeble start with CAC and FTSE were trading with a cut of over a per cent in early deals, after the Japanese central bank disappointed investors by standing firm on rates.

Asian markets also ended mostly in red after the Bank of Japan’s inaction followed an interest-rate status quo on Wednesday from the Federal Reserve, whose relatively upbeat post-decision commentary failed to quash expectations of a rate rise later this year, possibly as early as June.

 

Markets through the day

3.30 pm: The 30-share index closed 461.02 points, or 1.77 per cent down at 25,603.10, while the 50-share index slid 132.65 points at 7,847.25.

3.17 pm: Sensex fell over 500 points at 25,561. Meanwhile, BSE said it has signed a pact with Korea Exchange for listing Sensex based derivatives contracts on the latter.

3.05 pm: Sentiments weakened further as the BSE Sensex was trading 454 points down at 25,609. Nifty was at 7,848, down 131 points against its previous close.

Read more: 5 reasons why Sensex plunged over 500 points intraday in Thursday’s trade

2.46 pm: The 30-share index was trading 376.63 points down at 25,687. In the 50-share index, YES Bank, Idea Cellular, Bharti Airtel, TCS and Lupin were up between 0.25 per cent and 2.41 per cent. On the other hand, HCL Technologies, Hindalco, Mahindra & Mahindra, HDFC and Tata Steel were down between 2.44 per cent and 4.61 per cent. Nifty was trading 109 points down at 7,870

2.32 pm: Sensex was trading 365.40 points down at 25,698. Nifty was down 104.45 points at 7,875. Britain’s top share index fell on Thursday after a sharp drop in Lloyds pulled financial stocks lower, while global equities were also dented by the Bank of Japan’s unexpected move to snub further monetary stimulus.

1.54 pm: The initial public offering (IPO) of diagnostics company Thyrocare Technologies has been fully subscribed by one time till afternoon trade on the second day of the offer today. The Rs 479.21-crore IPO received bids for 77,30,514 shares against the total issue size of 75,21,297 shares, as per the NSE data till 1200 hrs. The 30-share index was down 282 points at 25,781.

1.19 pm: Maruti Suzuki shares were trading 1.68 per cent down at Rs 3,796.95. The Bank of Japan held off from expanding monetary stimulus on Thursday, defying market expectations for action even as soft global demand, an unwelcome yen rise and weak consumption threatened to derail a fragile economic recovery. Read more

12.50 pm: Ceat stocks were trading 2.11 per cent up at Rs 1143.50 after the company reported a 11.47 per cent rise in consolidated net profit for the March quarter. Sensex was trading 267.82 points down at 25,796.30, while NSE Nifty was trading 78.60 points down at 7,901.30.

12.17 pm: Yes Bank stocks were trading 2.72 per cent up at Rs 940.50 after it reported a 27.4 per cent rise in its stand-alone net profit at Rs 702.1 crore for the fourth quarter ended March. Sensex was trading 206.33 points down at 25,857.79, while NSE Nifty was trading 57.45 points down at 7,922.45.

11.32 am: Sensex plunged further and was trading 210.54 points down at 25853.58.

11.15 am: Sensex was down 147.31 points 25,916 on weak global cues. Nikkei was trading 584 points, or 3.38 per cent, down at 16,709. NSE Nifty was trading 41.65 points down at 7,938.

11.14 am: Ujjivan Financial Services hit primary markets on Thursday to raise nearly Rs 885 crore through an initial public offering (IPO). Read more: Should you invest?

10.53 am: Most real estate stocks surged in the morning trade on Thursday after Municipal Corporation of Greater Mumbai (MCGM) on Wednesday came out with a revised draft development plan which recommends hike in the floor space index (FSI) from the present 1.33 to 2 and in some cases even up to 5. The BSE Realty index was up 2.87 per cent at 1,356. Sensex was down 63 points at 26000.59. Nifty was trading 17.20 points down at 7,962. Read more

10.20 am: Bharti Airtel was trading 1.57 per cent up at Rs 379. Telecom major Bharti Airtel on Wednesday reported 2.8 per cent jump in net profit to Rs 1,290 crore for the fourth quarter ended March 31, 2015-16. It had reported net profit of Rs 1,255 crore in the January-March period of the 2014-15 fiscal.

10.00 am: The rupee edged higher by 5 paise to 66.39 against the dollar in early trade today after exporters and banks stepped up selling of the US currency amid sustained foreign fund inflows. Sensex was up 14 points at 26,078.

9.32 am: Shares of HCL Technologies plunged over 2.5 per cent in the early trade after it reported 0.3 per cent quarter-on-quarter (qoq) rise in its consolidated net profit figures at Rs 1,926 crore for the quarter March 31, 2016. Revenue of the IT company jumped 3.4 per cent qoq at Rs 10,698 crore. Read More

9.16 am: Sensex was trading 21.12 points up at 26,043. Nifty was down 14.95 points down at 7964. Meanwhile, Japan’s central bank left its unprecedented monetary stimulus mostly unchanged in a policy meeting on Thursday, defying speculation it would open the taps further to boost growth.

9.15 am: Sensex opened 14.16 points, or 0.05 per cent, higher at 26,078.28, while Nifty 50 index opened 12.50 points, or 0.16 per cent, down at 7,967.40.

8.40 am: Domestic equity indices BSE Sensex and NSE Nifty are likely to open higher on Thursday as the US Federal Reserve appeared to be in no hurry to raise interest rates amid firm global cues.

Nifty futures on the Singapore Stock Exchange (SGX Nifty) was also trading 31.50 points up (at 8.24 am), indicating a positive opening for the Indian stock markets.

Asian peers, Hang Seng and Nikkei were also trading higher by 1.24 per cent and 1.41 per cent, respectively.

Wall Street stocks edged up, US Treasury debt yields fell, and oil prices rose to the highest level of the year on Wednesday after the Federal Reserve signalled it was in no hurry to change policy. The Fed’s policy interest rate target was left unchanged at 0.25 percent to 0.5 per cent as expected, and the US central bank expressed confidence in the US economic outlook, leaving the door open to an interest rate rise in June, but gave no indication it felt the need to hike.

The Dow Jones industrial average rose 51.23 points, or 0.28 per cent, to 18,041.55, the S&P 500 gained 3.45 points, or 0.16 per cent, to 2,095.15 and the Nasdaq Composite dropped 25.14 points, or 0.51 per cent, to 4,863.14. Nasdaq fell on disappointing earnings from Apple and Twitter late Tuesday, and the index has lost nearly 5 per cent in the past week.

Meanwhile, Facebook Inc’s quarterly revenue rose more than 50 per cent, handily beating Wall Street expectations as its wildly popular mobile app and a push into live video lured new advertisers and encouraged existing ones to boost spending.

Back home, the market benchmark BSE Sensex gained 57 points on Wednesday and the NSE Nifty pulled off a nearly 6-month closing high on increased buying in oil & gas and IT amid persistent foreign inflows and solid quarterly numbers so far.

(With agency inputs)