Stock markets fall for fourth day on profit taking; Sensex down 667 points

The 30-share BSE Sensex declined 667.55 points or 0.89% to settle at 74,502.90. It went below the 75,000 mark to hit the day's low of 74,454.55, plunging 715.9 points or 0.95%.

Updated - May 29, 2024 06:31 pm IST

Published - May 29, 2024 04:35 pm IST - Mumbai

The BSE benchmark hit its all-time peak of 76,009.68 on May 27.

The BSE benchmark hit its all-time peak of 76,009.68 on May 27. | Photo Credit: Reuters

Benchmark equity indices Sensex and Nifty declined nearly 1% on June 29, falling for the fourth day running amid profit-taking by cautious investors ahead of the results of the Lok Sabha polls.

The 30-share BSE Sensex declined 667.55 points or 0.89% to settle at 74,502.90. It went below the 75,000 mark to hit the day's low of 74,454.55, plunging 715.9 points or 0.95%. The BSE benchmark hit its all-time peak of 76,009.68 on May 27.

The NSE Nifty dropped 183.45 points or 0.80% to 22,704.70. The 50-share barometer hit its lifetime high of 23,110.80 on May 27. From the Sensex pack, Tech Mahindra, ICICI Bank, Bajaj Finserv, HDFC Bank, UltraTech Cement, Axis Bank, Reliance Industries and Infosys were the biggest laggards. Power Grid, Sun Pharma, Nestle, ITC and Bharti Airtel were the gainers.

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"Weak global cues prompted investors to take profits ahead of the U.S. core PCE data, a key gauge of inflation that is anticipated to rise," Vinod Nair, Head of Research, Geojit Financial Services said.

In Asian markets, Seoul, Tokyo and Hong Kong settled lower while Shanghai ended with gains. European markets were trading lower. The U.S. markets ended on a mixed note on May 28.

The last phase of polling is scheduled for June 1. The results of the ongoing general elections will be declared on June 4. Global oil benchmark Brent crude climbed 0.88% to $84.94 a barrel. “Foreign Institutional Investors (FIIs) bought equities worth ₹65.57 crore on Tuesday,” according to exchange data.

After gyrating between gains and losses during the day on May 28, the BSE benchmark finally ended 220.05 points or 0.29% lower at 75,170.45. The NSE Nifty dropped 44.30 points or 0.19% to settle at 22,888.15.

Giving thumbs up to the economic management of the Modi government, S&P Global Ratings after a gap of 14 years upgraded India's sovereign rating outlook to positive from stable on robust growth, improved quality of public spending in last five years and expectation of broad continuity in reforms and fiscal policies. S&P, however, retained India's sovereign rating at the lowest investment grade of 'BBB-'.

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