Mumbai, June 1: Indian benchmark domestic equity indices fell 0.7 per cent today, extending their losing streak for a fourth consecutive session.
The BSE Sensex shed 508 points to close at 74 thousand 267. The NSE Nifty dropped 165 points to settle at 23 thousand and 383.
The broader market at the National Stock Exchange ended with deeper cuts. The Midcap 100 index lost over 1.4 per cent, and the Smallcap 100 index slipped 0.9 per cent.
"Investor sentiment remained under pressure due to persistent foreign institutional selling following the MSCI rebalancing-related outflows witnessed last week," said Ajit Mishra – SVP, Research, Religare Broking Ltd.
He further added that rising crude oil prices, with Brent crude climbing above the $ 93-per-barrel mark amid renewed geopolitical concerns surrounding the US-Iran conflict, weighed on sentiment by reviving worries over inflation and India’s current account deficit.
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"Additionally, weakness in the rupee and elevated global bond yields kept investors cautious ahead of the RBI policy decision, GDP data, and other key macroeconomic releases scheduled later this week,"" Mishra said.
Earlier today, markets started the month of June on a positive note amid favourable cues from Asian markets. However, they reversed course by midday and remained under selling pressure for the rest of the session.
In the Sensex pack, shares of 24 out of 30 companies registered losses. Among the top underperformers, Hindustan Unilever tanked over 2.8 per cent, ITC dropped more than two and a half per cent, and NTPC lost over 2.1 per cent. In contrast, Tech Mahindra jumped 3.8 per cent, Infosys climbed 3.7 per cent, and TCS advanced over 1.9 per cent.
In the sectoral indices at the BSE, 21 out of 25 sectors succumbed to selling pressure.
In the top laggards, Power plunged 2.9 per cent, Capital Goods fell over 2.4 per cent, and Utilities as well as Industrials slipped 2.1 per cent. Conversely, Focused IT surged over two and a half per cent, IT gained 2.4 per cent, and Metal rose 0.9 per cent.
The overall market breadth at the BSE was negative, as shares of 2 thousand 761 companies declined, 1 thousand 589 advanced, and 199 remained unchanged.
Ends.
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