Sensex Plunges 695 Points on Profit-booking, Nifty Drops Below 12,900

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Equity benchmark Sensex tumbled 695 points on Wednesday, tracking heavy profit-booking in index majors HDFC Bank, Infosys and Kotak Bank amid mixed cues from global markets. After touching a lifetime high of 44,825.37 in opening session, the 30-share BSE index ended 694.92 points or 1.56 per cent lower at 43,828.10.

Similarly, the broader NSE Nifty touched a record intra-day peak of 13,145.85, before ending 196.75 points or 1.51 per cent down at 12,858.40. Kotak Bank was the top loser in the Sensex pack, falling around 3 per cent, followed by Axis Bank, Sun Pharma, HDFC Bank, Bajaj Finance and Asian Paints.

On the other hand, ONGC, PowerGrid and IndusInd Bank were the gainers. “Domestic equities witnessed sharp correction today as profit booking was seen across the counters,” said Binod Modi, Head- Strategy at Reliance Securities. As expected, high volatility was seen ahead of monthly derivatives expiry, he noted.

“Having seen a sharp jump in last couple of trading days, a profit booking was broadly expected,” he added. Elsewhere in Asia, bourses in Shanghai and Seoul settled in the red, while Tokyo and Hong Kong ended with gains.

Stock exchanges in Europe were also trading on a mixed note in early deals. Meanwhile, Brent crude futures, the global oil benchmark, was trading 1.15 per cent higher at USD 48.33 per barrel.