Subdued listing of Paytm weighs on sentiment
Equity benchmarks buckled under selling pressure for the third session on the trot on Thursday as bearish global cues and a disappointing market debut for Paytm unnerved investors.
Indian equities open negative; Sensex, Nifty indices down 1.5% each
Key indices in red for 3rd session
- BSE Sensex tumbled 372.32 pt to 59,636.01
- NSE Nifty dived 133.85 pts to 17,764.80
- All sectoral indices ended lower
- IT, auto stocks under pressure
- Only 6 index constituents managed to close in the green
- SBI, PowerGrid, HDFC Bank, RIL, ICICI Bank and HUL moved up
- M&M, Maruti, Tech M, HCL, L&T, Tata Steel, IndusInd Bank down
Mumbai: Equity benchmarks buckled under selling pressure for the third session on the trot on Thursday as bearish global cues and a disappointing market debut for Paytm unnerved investors.The 30-share BSE Sensex tumbled 372.32 points or 0.62 per cent to finish at 59,636.01. Similarly, the NSE Nifty dived 133.85 points or 0.75 per cent to 17,764.80. M&M was the top loser in the Sensex pack, shedding 3.28 per cent, followed by Tech Mahindra, HCL Tech, L&T, Tata Steel, IndusInd Bank and Maruti.
Only six index constituents managed to close in the green -- SBI, PowerGrid, HDFC Bank, Reliance Industries, ICICI Bank and HUL, climbing up to 1.16 per cent. In the broader market, One97 Communications Ltd, Paytm's parent company, crashed around 27 per cent in its market debut on Thursday.
Paytm's Rs 18,300-crore IPO, the country's largest initial share sale, was subscribed 1.89 times last week.
"Weak listing of India's largest IPO and soft global market amid rising inflation woes impacted domestic sentiment. In the context of a weak global market, contraction extended in metal and crude oil prices, weighing down the Indian market. The auto sector was also under pressure as the industry reported weak festive sales numbers owing to poor demand for two-wheelers and supply shortage in semiconductors," said Vinod Nair, head (research) at Geojit Financial Services.
Ajit Mishra, V-P (research), Religare Broking, said: "The bears continued to dominate and dragged the index lower as weak global cues impacted sentiment.
