Bearish sentiments by Foreign Institution investors, increasing US bond yields, soaring oil prices, and inflation fears have all frightened the market on Thursday. The benchmark BSE Sensex fell for the third day in a row, losing 634 points to close at 59,465 points. The 30-pack index has now dropped 1,844 points in three days.
The Nifty50 index fell 181 points to 17,757 on the NSE. Today, both benchmarks were down 1 percent. The National Stock Exchange's 15 sector gauges ended the day with 13 of them in the red. Nifty IT and Nifty Pharma both lagged the index, falling as high as 1.66 percent. The selling pressure was also seen in the nifty FMCG (fast-moving consumer goods) sector.
Markets, on the other hand, are expected to recover from here on because they have approached important support zones, according to analysts.
With a 5 percent gain today, PowerGrid was the highest Sensex gainer. Other notable gainers included Bharti Airtel, Asian Paints, Maruti Suzuki, and UltraTech Cement. On the negative, Bajaj Finserv fell 4.6 percent to finish as the worst performer on the BSE benchmark index. Other notable laggards included Infosys, TCS, Dr. Reddy's Laboratories, Hindustan UniLever, and Sun Pharma.