The Indian stock market continues to face selling pressure as both Sensex and Nifty slip into the red after a positive start, extending its losing streak for the eighth consecutive session.
The Sensex, which touched an intraday high of 76,483.06, plunged sharply to a low of 75,439.64, shedding over 1,000 points during the day. As of now, the BSE Sensex is down more than 500 points, trading at 75,439.64.
Mid & small-cap stocks take a beating
The broader market also saw a steep decline, with the BSE Small-cap index plummeting over 1,000 points, while the BSE Mid-cap index fell over 800 points. Market-wide selling pressure has dragged down all major sectors, with deep cuts seen in media, metal, oil & gas, pharma, realty, consumer durables, and energy stocks, all slipping 2% to 3% in intraday trade.
Big losers on Sensex 30
Most stocks in the Sensex 30 pack are trading lower, with Adani Ports, NTPC, UltraTech Cement, and Sun Pharma leading the losses. Heavyweights like M&M, IndusInd Bank, Tata Steel, Kotak Bank, and Axis Bank are also trading in the red, posting declines of over 1%.
Adani Ports
Adani Ports share price tumbled over 4% in intraday trade, hitting a low of Rs 1,042.15. The stock is currently hovering around Rs 1,065.80, staying close to its 52-week low of Rs 995.65. The company’s market capitalisation stands at Rs 2.30 lakh crore.
Sun Pharma
The pharmaceutical giant Sun Pharma share price also faced sharp selling pressure, with its stocks declining 2.85% during the session. The stock opened at Rs 1,747.35, but continuous weakness pushed it down by Rs 1,685. Over the past five sessions, the stock has lost nearly 2% in value.
NTPC
NTPC shares price dropped over 2%, reflecting the broader market sentiment. In the past five trading sessions, the stock has lost over 3%. Over the last six months, NTPC has shed 24%.
UltraTech Cement
Cement stocks weren’t spared either, as share price of UltraTech Cement fell over 2% in intraday trading. The stock currently trades at Rs 11,311.75, close to its 52-week high of Rs 12,145.35. Despite today’s fall, the stock has delivered a 15% gain over the past year.
IndusInd Bank
Banking stocks also witnessed selling pressure, with IndusInd Bank share price declining 2.44%, trading at Rs 1,026.96. Over the past five days, the stock has lost 5%, with its 7-day simple moving average at Rs 1,003.84.
BSE Mid and smallcap losers
In the BSE MidCap index, the major losers include Deepak Nitrite, Laurus Labs, Glenmark, NAM India, and Kalyan Jewellers. Meanwhile, in the SmallCap index, the top losers were Concord Biotech, Senco, Renaissance Global, Igarashi Motors, and Lincoln Pharmaceuticals.
Metal sector declines
The BSE Metal index was trading at 27,672.27, down 390.08 points or 1.39%, with stocks like Vedanta, SAIL, National Aluminium, Jindal Stainless, and APL Apollo facing losses.
Oil & Gas sector under pressure
The BSE Oil & Gas index stood at 23,371.70, dropping 382.34 points or 1.61%. Stocks such as Indian Oil Corporation (IOC), Hindustan Petroleum (HPCL), Adani Total Gas (ATGL), Petronet LNG, and Oil India (OIL) traded lower.
Realty and Energy stocks fall
The BSE Realty index declined 134.04 points or 2.03%), trading at 6,484.11, while the BSE Energy index fell 139.77 points (-1.37%), standing at 10,079.33. Stocks like Mahanagar Gas (MGL), Castrol India, Jindal Drilling, IRM Energy, and Deep Industries were among the laggards.