Mumbai: Market benchmark Sensex tumbled 285 points on Thursday, weighed by heavy selling in Reliance Industries, HDFC Bank and Infosys as January derivatives contracts expired. Gold prices jumped Rs 400 to Rs 41,524 per 10 gram in the national capital helped by wedding season demand.
After swinging over 550 points during the day, the 30-share BSE index settled 284.84 points, or 0.69 per cent, lower at 40,913.82. It hit an intra-day low of 40,829.91 and a high of 41,380.14.
Likewise, the broader NSE Nifty closed 93.70 points, or 0.77 per cent, down at 12,035.80.
Top gainers and losers
Reliance Industries was the biggest loser in the Sensex pack, falling 2.62 per cent, followed by Nestle India, IndusInd Bank, UltraTech Cement, M&M and SBI.
On the other hand, Bajaj Auto, PowerGrid, ICICI Bank, Asian Paints, NTPC, HDFC, L&T and Maruti ended with gains.
According to analysts, benchmark indices turned highly volatile ahead of the expiry of January futures and options (F&O) contracts.
During afternoon session, markets continued to trade lower led by selling in large-cap stocks which added to the already skittish sentiment ahead of the Budget, they said.
Global Market
Further, weakness in other Asian bourses as rising concerns over the impact of China's coronavirus on the world economy also affected domestic market, traders said.
Bourses in Hong Kong, Japan and South Korea ended with steep losses. Bourses in China remained closed.
Stock exchanges in Europe too opened on a negative note.
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Brent crude oil futures fell 1.63 per cent to USD 57.97 per barrel.
On the currency front, the Indian rupee depreciated by 23 paise to 71.51 per US dollar (intra-day).
Gold price
Gold prices jumped Rs 400 to Rs 41,524 per 10 gram in the national capital helped by wedding season demand and overall recovery in global prices, according to HDFC Securities.
Silver prices also climbed Rs 737 to Rs 47,392 per kg from Rs 46,655 per kg on Wednesday.
In the previous trade, gold had closed at Rs 41,124 per 10 gram.
"Spot gold of 24 karat in Delhi was trading higher by Rs 400 supported by wedding season demand and overall recovery in global gold prices. The busy wedding session in coming months may support spot gold prices to trade up," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
Meanwhile, the rupee opened on a weak note and declined by 19 paise to 71.47 against the dollar in opening trade on Thursday.
In the global market, both gold and silver were trading with gains at USD 1,582 per ounce and USD 17.72 per ounce, respectively.
( - A PTI Report)
