HDFC Bank drags market for third day in a row
The Nifty declined 109.70 points or 0.51 per cent to 21,462.25. During the day, it plunged 286.4 points or 1.32 per cent to 21,285.55.
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MUMBAI: Benchmark indices Sensex and Nifty fell for the third day running on Thursday, dragged by continuous selling in HDFC Bank and profit-taking in consumer durables and utility shares.
The 30-share BSE Sensex fell by 313.90 points or 0.44 per cent to settle at 71,186.86. During the day, it tanked 835.26 points or 1.16 per cent to 70,665.50.
The Nifty declined 109.70 points or 0.51 per cent to 21,462.25. During the day, it plunged 286.4 points or 1.32 per cent to 21,285.55.
The heavy fall in the markets comes on the back of a recent record-breaking rally. The BSE benchmark hit an all-time high of 73,427.59 on Tuesday, and the Nifty also reached its lifetime peak of 22,124.15 the same day.
In three days, Sensex lost 2,141 points or nearly 3 per cent while Nifty retreated by 635 points or 2.89 per cent to fall below the key support level of 21,500 points.
Among the Sensex firms, HDFC Bank fell the most by 3.26 per cent. The private lender, which tanked more than 8 per cent on Wednesday on weaker-than-expected third-quarter results, contributed 305 points to the fall. NTPC, Asian Paints, Power Grid, Titan, IndusInd Bank, Nestle and Maruti were among the major laggards.
However, gains in Reliance Industries, Sun Pharma, Tech Mahindra, Tata Motors, Mahindra & Mahindra, Axis Bank and Larsen & Toubro helped trim losses.