Heavyweights HDFC Bank, HDFC contributed the most to losses on the 30-scrip benchmark index.
Domestic stock markets started Thursday’s session on a positive note but soon turned choppy on weak global cues and heavy selling by foreign and domestic institutional investors. The S&P BSE Sensex dropped as much as 113.12 points to touch 35,778.40. The Nifty50 barometer of the National Stock Exchange declined 42.5 points to 10,750.00.
At 9:33 am, the Sensex traded at 35,867.37, down 24.15 points or 0.07 per cent from the previous close, and the Nifty was at 10,770.45, down 22.05 points or 0.20 per cent.
Top losers on the 50-scrip index were BPCL, Hindustan Petroleum, ONGC, Eicher Motors and IndiaBUlls Housing Finance, trading between 1.02 and 1.56 per cent lower. Heavyweights HDFC Bank, HDFC, Larsen & Tourbo and Reliance Industries contributed the most to the losses on the 30-scrip benchmark index.
US stock futures, on the other hand, fell on Thursday after a rare revenue warning from Apple Inc added to worries about slowing global growth, but a move by China’s central bank to help struggling smaller firms lifted shares there, cushioning losses for Asian markets. MSCI’s broadest gauge of Asia-Pacific shares outside Japan dipped in early trade but later steadied as Chinese shares climbed. Japanese markets were closed for holidays but Nikkei futures dropped 1.8 per cent.
The Indian equity market ended in the red on Wednesday in line with global indices on fears of a worldwide slowdown which was intensified after China reported a weak PMI manufacturing data.