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May 23, 2024 3:30 pm

Sensex tanks 1,062 points amid poll jitters, across-the-board selloff

Mumbai, May 9

Equity benchmark Sensex on Thursday crashed over 1,000 points while the Nifty dived below the 22,000 level due to across-the-board selloff amid general election uncertainties.

Besides, persistent foreign fund outflows and heavy selling pressure in HDFC Bank, Larsen & Toubro and Reliance Industries weighed on investor sentiment, traders said.

Declining for the third day running, the 30-share BSE Sensex dropped 1,062.22 points or 1.45 per cent to settle at 72,404.17. During the day, it tanked 1,132.21 points or 1.54 per cent to 72,334.18.

The NSE Nifty dived 345 points or 1.55 per cent to 21,957.50. It tumbled 370.1 points or 1.65 per cent to 21,932.40 during the session.

“The broader market witnessed volatility, underscoring caution on account of Q4 earnings and general election uncertainties, which led investors to stay on the sidelines. 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 US inflation figures due next week,” Vinod Nair, Head of Research, Geojit Financial Services, said. In the broader market, the BSE smallcap gauge declined 2.41 per cent and midcap index dropped 2.01 per cent.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 6,669.10 crore on Wednesday, according to exchange data.

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