Mumbai, 12 June (IANS). The Indian stock markets on Thursday recorded a huge decline in the Indian stock markets due to weak global cues and increasing tension between the US-Iran.
At the end of the trading, the Sensex fell 823.16 points or 1.00 percent to 81,691.98 and the Nifty fell 253.20 points or 1.01 percent to 24,888.20.
The Sensex had 30 shares of Tata Motors, Titan, Power Grid, Tata Steel, L&T and Mahindra & Mahindra top loosers, each recorded a decline of more than 2 percent. Only Bajaj Finserv, Asian Paints and Tech Mahindra remained on the green mark.
Midcap and smallcap saw more selling compared to largecap. The Nifty Midcap 100 index was down 947.30 points or 1.60 percent to 58,440.85 and the Nifty Smallcap 100 index was 333.70 points or 1.78 percent to 18,465.05.
All sectoral index closed with a decline. The Nifty Reality Index was the worst performing, with a decline of 2.02 percent.
Shares of major real estate companies such as Phoenix, Godrej Properties, Anant Raj, DLF, Prestige, Sobha, Brigade and Macrotech Developers declined by 3 percent.
Energy, consumer durable, oil and gas, auto, PSU bank, FMCG, metal and financial service fell by more than 1 percent.
Vinod Nair of Geojit Investment Limited said, “Consolidation in domestic markets is developing as a broad-based trend, which is now moving to large-cap shares. Middle East stress-motivated evaluation concerns and rising oil prices are promoting the risk among investors.”
He further said, “The US is considering an unilateral tariff hike on many of its major trading partners, which is expected to be decided in the next one to two weeks before the initial deadline of July.”
He said that amidst the increase in geopolitical and economic risks, there is a new phase of purchasing for safe investment in gold.
Meanwhile, market volatility increased as India Vicks rose 2.54 percent to 14.01.
-IANS
SKT/
