Markets

Sensex drops by 300 points as equities sell off continues

Private sector banks are also weak, with HDFC Bank, IndusInd Bank, and ICICI Bank down by more than 1 percent

May 8, 2024

BSE Sensex was trading at 73,201 points, down by 309 points

As the selloff in equities continued for the fourth consecutive session on Wednesday, Sensex dropped by 300 points. BSE Sensex was trading at 73,201 points, down by 309 points.

Benchmark indices have closed in the red for three sessions in a row. Indian markets are in a downward spiral on account of massive FII selling and rising volatility.

PSU stocks are making gains, with REC up 5 percent, NBCC, and PFC up 4 percent.

FIIs sold equities worth Rs.3668 crore on Tuesday. India’s volatility index has spiked in the last few days.

Consumer stocks are leading the Sensex fall, with Asian Paints and Hindustan Unilever down by more than 2 percent.

Private sector banks are also weak, with HDFC Bank, IndusInd Bank, and ICICI Bank down by more than 1 percent.

Among other stocks, HCL Tech, Ultratech Cement, and L&T are down by more than 1 percent. Large-cap stocks are facing the brunt of FII selling. Broader markets had underperformed the benchmark indices on Tuesday.

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