Stock markets tank over 1% amid across-the-board profit taking

The market capitalisation of BSE-listed companies declined by Rs 2,52,301.16 crore to Rs 3,99,67,051.91 crore ($4.79 trillion)

MUMBAI: Benchmark equity indices Sensex and Nifty plunged by 1 per cent on Friday due to across-the-board profit taking by investors after a recent record-breaking rally as US inflation data dashed hopes of a rate cut by June.

The 30-share BSE Sensex tanked 793.25 points or 1.06 per cent to settle at 74,244.90 with 27 of its components ending in the red. During the day, it dropped 848.84 points or 1.13 per cent to 74,189.31.

The NSE Nifty declined 234.40 points or 1.03 per cent to close at 22,519.40 with 45 of its constituents settling lower. All Nifty sectoral indices closed in the red.

The market capitalisation of BSE-listed companies declined by Rs 2,52,301.16 crore to Rs 3,99,67,051.91 crore ($4.79 trillion).

From the Sensex basket, Sun Pharma, Maruti, Power Grid, Titan, JSW Steel, Tech Mahindra, Larsen & Toubro and State Bank of India were the major laggards.

Tata Motors, Tata Consultancy Services and Nestle were the gainers.

In the broader market, the

BSE smallcap gauge declined 0.60 per cent and midcap index dipped 0.49 per cent.

All the indices ended lower, with oil & gas falling by 1.28 per cent, utilities (1.02 per cent), realty (0.96 per cent), bankex (0.91 per cent) commodities (0.84 per cent), IT (0.84 per cent) and financial services (0.81 per cent).

A total of 2,373 stocks declined while 1,466 advanced and 104 remained unchanged.

Post-market hours, TCS announced its Q4 earnings. Industrial production for February and inflation data for March were scheduled for release later in the day.

Global oil benchmark Brent crude climbed 0.95 per cent to $90.56 a barrel.

Foreign institutional investors (FIIs) bought equities worth Rs 2,778.17 crore on Wednesday,

according to exchange data.

The BSE benchmark climbed 354.45 points or 0.47 per cent to settle at an all-time high of 75,038.15 on Wednesday. The Nifty advanced by 111.05 points or 0.49 per cent to reach a record closing peak of 22,753.80.

During the day, it jumped 132.95 points or 0.58 per cent to hit a lifetime intra-day peak of 22,775.70.