The Indian equity benchmarks were trading lower on Thursday, June 11, ahead of weekly expiry of SENSEX futures and option contracts amid weak cues from global markets.
The SENSEX fell as much as 464 points and NIFTY50 index touched an intraday low of 23,072 dragged down by losses in index heavyweights like Infosys, HDFC Bank, HCL Technologies, Mahindra & Mahindra, Tata Consultancy Services, Eternal and Titan.
As of 9:25 am, the SENSEX was down 333 points at 73,649 and NIFTY50 index was down 87 points at 23,128.
Asian markets were trading lower on Thursday following weak closing of US stocks overnight amid selloff in AI stocks.
Japan’s Nikkei fell 0.5%, China’s Shanghai Composite declined 0.4%, Hong Kong’s Hang Seng fell 0.48% and South Korea’s KOSPI dropped 0.6%.
Another sell-off for artificial-intelligence stocks helped drag the US market sharply lower Wednesday, as Wall Street’s former superstars continue to face heavy scrutiny for their success, news agency AP reported.
The S&P 500 dropped 1.6% for its first back-to-back drop in three weeks and is back to where it was in early May. The Dow Jones Industrial Average tumbled 953 points, or 1.9%, and the Nasdaq composite led the market lower with a 2% slide.
Back home, selling pressure was broad based as 12 of 15 major sector gauges compiled by the National Stock Exchange (NSE) were trading lower led by the NIFTY IT index’s over 2% fall. NIFTY Auto, Realty, PSU Bank, Financial Services, Bank and Consumer Durables indices were also trading lower.
On the flip side, pharma, healthcare and select oil & gas shares were witnessing buying interest.
Broader markets were also trading with a negative bias as NIFTY Midcap 100 index declined 0.45% and NIFTY Smallcap 100 index fell 0.3%.
HCL Tech was top loser in the NIFTY50 index, the stock fell 3.13% to ₹1,097. Infosys, Tech Mahindra, Trent, Eternal, Tata Consultancy Services, Tata Motors PV, Eicher Motors, Ultratech Cement and Wipro also fell between 1.23% and 2.93%.
On the other hand, Tata Consumer Products, Power Grid, ICICI Bank, Dr Reddy’s Labs, Bharti Airtel, IndiGo, Adani Enterprises and Nestle India were top gainers in the NIFTY50 index.
The overall market breadth was negative as 1,749 shares were declining while 945 were advancing on the NSE.