FINAL TRADE: Nifty ends over 200 pts. lower amid broad-based sell-off; BPCL top Nifty loser

Indian equities amid broad-based selling ended on a negative note as investors globally await key economic data. Nifty at the close ended at 24,139, down 0.85 per cent or 208 points, while the Sensex slipped 0.87 per cent or 692.89 points to close at 78,956.03 Sectorally, barring the Consumer Durable and healthcare indices, all sectors ended in the red, with the financial services and metal pack leading the losses- dragged up to 2 per cent. 

From the Nifty pack, top gainers included stocks like Titan, Apollo Hospitals, Dr. Reddy's Laboratories, Tata Consumer Products and Nestle, while the top losers were BPCL, HDFC Bank, Shriram Finance, HDFC Life and Bajaj Finance.

The financial services companies were knocked down in trade today primarily as the RBI tightened norms for NBFCs and HFCs. The new rules will come into force from January 1, 2025. These financial institutions taking public deposits will need to maintain at least 15 per cent of the public deposit as liquid asset which as present is capped at 13 per cent. Furthermore, every year these companies will need to obtain the 'investment grade rating' from the rating agencies.

Vinod Nair, Head of Research, Geojit Financial Services on the market performance today said,  "The domestic market plunged into red terrain in the latter half, amidst mixed global sentiments. Recent IIP data indicates a lacklustre growth in the major manufacturing sector. Persistent selling by FIIs and elevated valuations is further contributing to the decline."

Despite having minimal impact on the recent adverse developments, the market currently shifts attention towards underlying earnings growth, which remains bleak this quarter and may lead to a downgrade if resilience isn’t shown in subsequent quarters, he added.

HDFC Bank shares took a hit after the MSCI announcement and ended over 3 per cent lower at Rs 1,603.2 per share on the NSE. The drage came on the back of lower-than-expected passive fund inflows in the recent MSCI index rejig.

Meanwhile, European markets traded lower with the French CAC trading with a cut of up to 0.23 per cent.