FINAL TRADE: Sensex tanks 610 pts, Nifty settles at 19,523.55 on weak global cues

Stock market today: The bears made a strong comeback on Dalal Street in the last 30 minutes of the trade on Thursday, September 28, as weak global sentiment compelled investors to sell equities and rush for safe havens.

The domestic equity indices erased all their gains and ended with sharp cuts amid weakness in global markets as fear of higher interest rates and surging crude prices weighed. All indices on the sectoral front closed in negative territory. The IT and FMCG counters dragged headline indices the most.

At close, the S&P BSE Index was down 610.37 points, or 0.92 per cent, at 65,508.32, and the NSE Nifty was down 192.9 points, or 0.98 per cent, at 19,523.55 levels.

"The selling was broad-based, as investors are on alert given the rise of oil prices. If crude continues to stay above the 90 USD level, it will be a threat to inflation and boil the operational margins," said Vinod Nair, Head of Research at Geojit Financial Services.

Nair added that globally, US GDP data and the Fed chief speech will be watched carefully, which will set the future trend. Currently, the combination of higher interest rates and US bond yields is influencing FIIs to stay in selling mode.

In the broader market, the Nifty Mid Cap 100 and Small Cap 100 also settled in negative territory.

Nifty Bank was down 0.64 per cent at 44,300.95.

NIFTY STOCKS 

Tech Mahindra, Asian Paints, LTIMindtree, M&M, and Wipro were the top laggards. On the flip side, L&T, Bharti Airtel, Coal India, ONGC, and Power Grid were the major winners.

BUZZING STOCKS 

MCX shares traded over 8 per cent higher after Zee Business's exclusive report about changing to a new trading platform was confirmed.

Hindustan Oil Exploration Company Ltd shares hit the upper circuit and were up over 9 per cent as crude prices hit a one-year high.

Finolex Cabels' shares closed over 7 per cent higher after the Supreme Court allowed Orbit Electricals to vote in Finolex Cables' Annual General Meeting.

CE Info System shares were up over 7 per cent on heavy volumes.

Conversely, Vodafone Idea shares were down over 3 per cent after it lost 13.2 lakh customers in July.

GLOBAL MARKETS

Global shares were mostly lower Thursday in subdued trading on looming worries about China's property woes.

France's CAC 40 shed 0.3 per cent to 7,050.19 in early trading. Germany's DAX slipped 0.4 per cent to 15,164.02. Britain's FTSE 100 edged down 0.6 per cent to 7,544.91. US shares were set to drift lower with Dow futures down nearly 0.1 per cent at 33,759.00. S&P 500 futures were virtually unchanged at 4,313 levels.

(With agency inputs)

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