Sensex slumps 324 points to close at 38,731, Nifty also drops by 84 points

BSE Sensex and NSE Nifty started on a positive note on Thursday and settled after dropping 323.82 points at 38,730.86 and the NSE Nifty also slumped 84.35 points at 11,641.80.

In the previous session, the BSE bourse soared 489.80 points, or 1.27 per cent, to close at 39,054.68, and the broader Nifty climbed 150.20 points, or 1.30 per cent, to 11,726.15.

Top gainers in the Sensex pack were Yes Bank, PowerGrid, L&T, HCL Tech, HDFC duo, NTPC, Sun Pharma, IndusInd Bank, ITC, HUL and Bajaj Finance, rising up to 2.78 per cent. On the other hand, Maruti, ONGC, Bajaj Auto, Asian Paints, Infosys, Hero MotoCorp, TCS, Vedanta, Kotak Bank and RIL were among the top losers, shedding up to 0.83 per cent.

According to traders, investors are cautious ahead of April futures and options (F&O) expiry.

Sahaj Agrawal, DVP Derivatives, Kotak Securities said, “Nifty tested all time high levels recently after which some correction was seen. Broader sentiment has turned neutral indicating possibility of some consolidation/correction in the near term.”

Meanwhile, foreign institutional investors (FIIs) purchased equity worth Rs 974.88 crore on Wednesday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 657.06 crore, provisional data available with stock exchanges showed.

The rupee, however, depreciated 17 paise to 70.04 against the US dollar in early trade. Brent crude futures, the global oil benchmark, were trading 0.03 per cent higher at USD 74.59 per barrel. Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading on a mixed note in early trade.

On Wall Street, Dow Jones Industrial Average ended in the red on Wednesday.