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Buisness

Markets drop from all-time highs; Sensex drops 216 points

<p>Due to profit-taking and a negative trend in the global markets, investors sold telecom, power, and utility sectors, causing the equity indexes Sensex and Nifty to lose some of their early gains and finish the day lower.</p>
<p>The indexes were also negatively impacted by aggressive selling in private bank counters including ICICI Bank and Kotak Bank, according to brokers.<img decoding=”async” loading=”lazy” class=”alignnone wp-image-30406″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/06/www.theindiaprint.com-markets-drop-from-all-time-highs-sensex-drops-216-points-images-2023-06-19t170803.177-11zon.png” alt=”” width=”1052″ height=”631″ /></p>
<p>The 30-share BSE index dropped 216.28 points or 0.34 percent to close at 63,168.30 on Friday after reaching a lifetime high. It dropped 336.75 points, or 0.53 percent, to 63,047.83 during the day.</p>
<p>The important Sensex fell from record highs due to rapid selling, especially in the afternoon trading, according to dealers.</p>
<p>The NSE Nifty finished at 18,755.45, down 70.55 points, or 0.37 percent.</p>
<p>Indian shares avoided closing at record highs due to profit-booking, which was mostly driven by private banks. According to Vinod Nair, Head of Research at Geojit Financial Services, “Global markets also took a pause following a strong gain last week as investors anticipated China’s rate decision and the Fed chair’s testimony.</p>
<p>With a 1.83 percent decline, Kotak Mahindra Bank led the pack of Sensex losers, followed by Axis Bank, NTPC, Hindustan Unilever, ICICI Bank, Bharti Airtel, Reliance Industries, HCL Technologies, IndusInd Bank, and Nestle.</p>
<p>The winners were HDFC Bank, HDFC, ITC, Titan, Bajaj Finance, Bajaj Finserv, Tech Mahindra, Tata Consultancy Services, and Infosys.</p>
<p>Seoul, Tokyo, Shanghai, and Hong Kong had lower closing prices in Asian markets.</p>
<p>The European stock markets were trading in the red. The US stock markets fell on Friday.</p>
<p>Benchmark Brent crude prices fell 0.38% to $76.31 per barrel.</p>
<p>According to exchange statistics, foreign institutional investors (FIIs) purchased shares of stock worth Rs 794.78 crore on Friday.</p>
<p>The BSE benchmark soared 466.95 points or 0.74 percent on Friday to close at a new all-time high. The Nifty increased 137.90 points, or 0.74 percent, to finish at its all-time high of 18,826, according to Bloomberg.</p>

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