Bears dominate Sensex & Nifty; Dilip Buildcon jumps 7 per cent, Tata Power gains 4 per cent, HDFC twins tumble

The domestic benchmark indices ended Thursday's trading session in the negative territory as Sensex tumbled 598.57 points or by 1.16 per cent to end at 50,846.08 levels while Nifty declined by 164.85 points or 1.08 per cent to settle at 15,080.75 levels. 

Taking cues from the global indices, bears made a comeback as the domestic stock markets remained subdued on Thursday. Concerns regarding the rising bond yields can be said to be the main cause of bearish investor sentiments. The US bond yields spiked 1.48 per cent, while in India, the yield on 10-year benchmark government bond increased to 6.26 per cent on Thursday, which is its highest level since April 2020. The US bond yields are considered to be quite influential on stock prices. 

Rising bond yields put selling pressure on technology stocks. Financial & banking stocks also tumbled during today's trading session. During the afternoon session, the domestic markets witnessed a recovery from the intraday low of 50,566.83 but still closed in red as a result of profit booking. 

Global peers mirrored the declining trend as the Asian indices such as Shanghai Composite, Hang Seng, Nikkei and KOSPI fell by 2.05 per cent, 2.15 per cent, 2.13 per cent, and 1.28 per cent, respectively. European indices such as FTSE 100, DAX, and CAC 40 were trading down by 1.06 per cent, 0.80 per cent and 0.51 per cent, respectively. 

Sensex gainers included UltraTech Cement that jumped 4.07 per cent, Dr Reddy’s Laboratories gained 1.63 per cent, Asian Paints inched higher by 0.65 per cent, Maruti Suzuki gave a rise of 0.13 per cent while HUL went up by 0.12 per cent. 

HDFC twins dragged the index during today's trading session as HDFC tumbled 2.62 per cent while HDFC Bank fell by 2.01 per cent. Bajaj Finserv decreased by 2.49 per cent, Larsen & Toubro plunged 2.31 per cent, SBI declined by 2.28 per cent, Axis Bank dipped by 2.10 per cent, etc. 

Amongst the sectoral indices on BSE, the majority of the domestic sectoral indices ended in red today. On the other hand, BSE Power index surged 0.63 per cent and BSE Utilities index inched up by 0.46 per cent. BSE Metal index was the biggest loser, declining by 2.31 per cent, followed by BSE Finance index, which inched lower by 1.46 per cent.

The broader markets outperformed the domestic benchmark indices on Thursday. BSE SmallCap index gained 0.80 per cent while BSE Midcap index increased by 0.48 per cent.