Domestic stock markets gave up all of early gains in late morning deals on Thursday. The S&P BSE Sensex plunged to an intraday low of 39,154.25, retreating as much as 333.2 points from the day’s highest level. The NSE Nifty moved in a range of 117.65 points, between on the downside 11,738.50 and 11,856.15 at the day’s strongest mark. A selloff in banking, metal and media stocks dragged the benchmark indexes lower, however gains in energy stocks kept the losses in check.
At 10:33 am, the Sensex traded 114.55 points lower at 39,161.09 while the Nifty was at 11,748.00, down 39.15 points from the previous close.
At the time, Indiabulls Housing Finance, Bharti Airtel, Yes Bank, Hindalco and Vedanta – trading between 2.68 per cent and 4.44 per cent lower – were the top drags on the 50-scrip index.
Jet Airways shares plunged as much as 34.01 per cent a day after the cash-strapped suspended all of its flying operations temporarily, having failed to secure emergency funds from its lenders. On the NSE, the stock crashed to Rs. 158.70 apiece on morning deals, compared with its previous close of Rs. 240.50.
On the other hand, Reliance Industries shares rose ahead of the release of its earnings post-market hours on Thursday. The stock rose as much as 3.07 per cent to Rs. 1,385.00 apiece on the NSE.