Investors geared up for another day of a muted session ahead as both benchmarks, Sensex and Nifty, rang the opening bell in red. The BSE Sensex tumbled close to 200 points and broke the 81K mark, while the NSE Nifty50 crashed more than 50 points to touch 24,833, around 9:15 AM.
On the 30-share Sensex, L&T, Tata Motors, ITC, Titan, and HDFC Bank emerged among the gainers. On the other hand, the laggards included Sun Pharma, Infosys, Asian Paints, PowerGrid, and Tech M.
In the broader markets, the Nifty Microcap250 tanked 1.19 per cent in the morning. Sectorally, the Pharma index dominated across the board in red and crashed 2.14 per cent, followed by the Healthcare Index which fell 1.91 per cent.
The GIFT Nifty slipped more than 40 points around 7:20 AM today morning to stand at 24,922. In the pre-open session, the Sensex took a hit of over 250 points and breached the 80,900 mark around 9:02 AM. Meanwhile, the Nifty tanked 131 points and touched 24,760, around the same time.
H1B Visa Weigh Heavy On Investors
This week has dampened spirits in the market. Over the last five trading sessions, the Sensex has shed 1,854.28 points or 2.23 per cent, while the Nifty has lost 532.75 points or 2 per cent.
Notably, in the previous session on Thursday, persistent foreign fund outflows and fears regarding the sharp surge in the US H-1B visa fee spooked investors. Weak global cues further weighed on sentiment.
The Sensex nosedived 555.95 points, or 0.68 per cent, to close at 81,159.68, after touching an intraday low of 81,092.89. The Nifty also dropped 166.05 points, or 0.66 per cent, to end at 24,890.85, slipping below the crucial 25,000 mark and deepening the bearish trend.
Analysts pointed to a confluence of factors rattling investor confidence. Hariprasad K, Research Analyst and Founder of Livelong Wealth, said, “Persistent FII outflows, a record-weak rupee, and renewed worries over the US H-1B visa fee hike, seen as a drag on Indian IT earnings, have all combined to sour sentiment.”
