The Indian stock market’s key indices, Sensex and Nifty, slumped by around 2 per cent on Friday tracking weakness in the global equities amid fear of recession in the world economy. The 30 stock S&P BSE Sensex slumped by 1093.22 points or 1.82 per cent to 58,840.79 points against its previous day’s close at 59,934.01 points.
Earlier, the Sensex started the day in the red at 59,585.72 points. Selling pressures intensified towards the end of the day dragging the benchmark Sensex down to 58,687.17 points in the intra-day. This is the third straight day of the slump in the Indian equities markets. The Sensex had lost 412.96 points or 0.68 per cent on Thursday.
The broader Nifty 50 of the National Stock Exchange slumped 346.55 points or 1.94 per cent to 17,530.85 points against its previous day’s close at 17,877.40 points. The Nifty had lost 126.35 points or 0.7 per cent on Thursday.
IT stocks witnessed heavy selling pressure for the third straight day. Tech Mahindra tumbled 4.43 per cent to Rs 1034.50. Infosys slumped 3.69 per cent to Rs 1379.15. Wipro dipped 3.19 per cent to Rs 401.85. Tata Consultancy Services slumped 3.08 per cent to Rs 3008.65. The index heavyweight Reliance Industries Limited closed 2.44 per cent down at Rs 2499.30.
Mahindra & Mahindra, UltraTech Cement, Nestle India, HCL Technologies, Maruti Suzuki and State Bank of India were among the major Sensex losers. Out of the 30 scrips that are part of the benchmark Sensex only one closed in the positive. IndusInd Bank closed 2.63 per cent higher at Rs 1227.50.
The share price of IndusInd Bank surged after the re-appointment of Sumant Kathpalia as managing director (MD) and chief executive officer (CEO). The Board of Directors of IndusInd Bank at its meeting held on September 15, 2022, approved the re-appointment of Sumant Kathpalia as the Managing Director & CEO of the Bank, for a further period of three years, with effect from March 24, 2023, up to March 23, 2026.
The re-appointment is subject to the approval of the Reserve Bank of India and the Shareholders of the Bank, IndusInd Bank said in a regulatory filing to the stock exchanges on Thursday.