FINAL TRADE: Sensex cracks 1,062 pts, Nifty gives up 22,000 amid broad-based sell-off

Stock market today: Domestic equity benchmarks Nifty50 and Sensex dropped on Thursday, May 9 amid a broad-based sell-off led by financial, construction stocks and persistently elevated volatility on jitters over the outcome of the ongoing Lok Sabha elections.

The blue-chip NSE Nifty 50 settled at 21,957.5, down 345 points, or 1.55 per cent while the leaner Sensex index lost 1,062.22 points, or 1.45 per cent, to settle at 72,404.17. 

Among the Nifty companies, 43 stocks were declining while 7 were advancing. L&T, BPCL, Asian Paints, Coal India, and, ONGC were the top decliners in the Nifty50 basket while Hero MotoCorp, Tata Motors, and M&M led the gains.

"The broader market witnessed volatility, underscoring caution on account of Q4 earnings and general election uncertainties, which led investors to stay on the sidelines," Vinod Nair, Head of Research, Geojit Financial Services said. 

"We expect the trend to continue in the short term as the market slid below the physiological level of 22,000. The global indices are trading with mixed cues ahead of the BOE policy meeting later today and US inflation figures due next week," he added. 

Construction major L&T, a Nifty heavyweight, shed 5.65 per cent at the close after it gave a subdued revenue growth outlook, citing the elections and geopolitical risks.

Barring auto, all sectors closed in the red, Nifty Auto advanced 0.78 per cent, driven by Hero MotoCorp's continued gains following the two-wheeler maker beating fourth-quarter profit estimates. Hero, which reported just ahead of the close on Wednesday, jumped 3.19 per cent at the close and was the top gainers in Nifty50. 

Amid weakness in broader and sectoral indices, Nifty Bank lost 1.55 per cent to settle at 21,957.5. The domestically focussed Nifty SmallCap 100 and Nifty MidCap100 lost 1.85 per cent and 2.83 per cent, respectively. 

Global Market

Europe's benchmark index retreated on Thursday from a recent rally, with a handful of heavily weighted stocks trading ex-dividend, while shares of Spanish bank BBVA slumped after announcing a hostile takeover bid for smaller rival Sabadell.

The pan-European STOXX 600 (.STOXX) edged 0.1 per cent lower by 0830 GMT, after jumping 2.5 per cent over the past four sessions and posting record closing highs for two straight days.

(with inputs from Reuters)

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