Sensex trips 285 points on F&O expiry

MUMBAI: Market benchmark Sensex tumbled 285 points on Thursday, weighed by heavy selling in Reliance Industries, HDFC Bank and Infosys as January derivatives contracts expired. After swinging over 550 points during the day, the 30-share BSE index settled 284.84 points, or 0.69 per cent, lower at 40,913.82. It hit an intra-day low of 40,829.91 and a high of 41,380.14.

Likewise, the broader NSE Nifty closed 93.70 points, or 0.77 per cent, down at 12,035.80.

Reliance Industries was the biggest loser in the Sensex pack, falling 2.62 per cent, followed by Nestle India, Indusind Bank,

Ultratech Cement, M&M and SBI. On the other hand, Bajaj Auto, Powergrid, ICICI Bank,

Asian Paints, NTPC, HDFC, L&T and Maruti ended with gains. According to analysts, benchmark indices turned highly volatile ahead of the expiry of January futures and options (F&O) contracts.

During afternoon session, markets continued to trade lower led by selling in largecap stocks which added to the already skittish sentiment ahead of the Budget, they said.

Further, weakness in other Asian bourses as rising concerns over the impact of China's coronavirus on the world economy also affected domestic market, traders said. Bourses in Hong Kong, Japan and South Korea ended with steep losses. Bourses in China remained closed.

The rupee lost 22 paise to close at a three-week low of 71.49 against the US dollar on Thursday tracking heavy sell-off in domestic equities amid rising concerns over the outbreak of coronavirus.