Volatility Grips Market On Expiry Day Ahead Of Jackson Hole Symposium: Market Wrap
The Sensex and Nifty 50 reversed course, dragged by information technology ad banking stocks.
India's stock benchmarks declined after a volatile final hour of trade on the expiry day of August series derivatives contracts.
The Sensex and Nifty 50 reversed course, dragged by information technology ad banking stocks ahead of the crucial Jackson Hole annual economic symposium of the U.S. Federal Reserve that begins Aug. 25.
The Sensex lost more than 300 points to close at 58,774.72. The 30-stock gauge had gained nearly 400 points to an intraday high of 59,484.35, before falling 700 points in the final hour.
The Nifty 50 also declined 0.5% to 17,522.45 at the end of trade.
Of the Nifty 50 constituents, 18 stocks rose, while 32 fell. Adani Ports & Special Economic Zone Ltd., Bajaj Finance Ltd., Infosys Ltd., Tata Consultancy Services Ltd. and Cipla Ltd. were the top laggards.
The broader indices outperformed their larger peers, with both mid- and small-cap indices gaining 0.2%. Sixteen of the 19 sectoral indices compiled by BSE Ltd. declined, with information technology and teck falling 1%.
Still, the market breadth was skewed in favour of the bulls. About 1,912 stocks rose, 1,509 fell and 133 remained unchanged.