Stock market today: Indian stock indices, BSE Sensex and Nifty50 declined approximately 1 per cent intraday on Thursday as major companies like HDFC Bank, TCS and Reliance faced substantial selling pressure.
Investors displayed concerns about earnings growth amidst continuous foreign fund withdrawals. Poor Chinese inflation figures indicating weak demand and US bond market volatility further dampened sentiment.
TCS begins the December quarter earnings season on Thursday.
The 30-share Sensex fell for the second consecutive session, declining 528.28 points or 0.68 per cent to close at 77,620.21, dropping below 78,000. During trading, it fell as low as 77,542.92, down 605.57 points or 0.77 per cent.
The NSE Nifty declined by 162.45 points or 0.69 per cent to 23,526.50.
Among Sensex constituents, significant declines were seen in Tata Steel, Zomato, Larsen & Toubro, Tata Motors, Adani Ports, Tata Consultancy Services, HDFC Bank and NTPC.
Nestle, Hindustan Unilever, Mahindra & Mahindra, Kotak Mahindra Bank, Asian Paints and Bharti Airtel showed positive performance.
Foreign Institutional Investors (FIIs) sold shares worth Rs 3,362.18 crore on Wednesday, as per exchange data.
"The Indian stock market followed the downward trend in Asian markets, with investors remaining cautious due to US bond market selling. US 10-year Treasury yields reached levels not seen since April 2024, suggesting expectations of reduced Fed rate cuts.
"Additionally, China's weak inflation data created further pressure, showing that recent economic measures have not stimulated one of the world's largest consumer markets," stated Vinod Nair, Head of Research, Geojit Financial Services.
In Asia, Seoul finished higher, whilst Tokyo, Shanghai and Hong Kong ended lower. European markets showed mixed results. US markets largely closed positive on Wednesday.
International oil benchmark Brent crude decreased 0.11 per cent to USD 76.05 per barrel.
On Wednesday, the BSE benchmark fell 50.62 points or 0.06 per cent to 78,148.49, while the Nifty decreased by 18.95 points or 0.08 per cent to 23,688.95.
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