Indian shares erased the intraday gains and fell sharply in the last half hour of trade on Thursday on the expiry of the August derivative series. Benchmark 30-share BSE Sensex and the broader 50-share NSE Nifty50 dropped more than 1 percent from the day's high. The Sensex closed 311 points lower at 58,775, while the Nifty slipped 83 points to end at 17,522.
Broader market indices fell in tandem with the Nifty Bank settling at 38,951. The MidCap index fell 18 points to settle at 30,943.
Among major Nifty gainers, Shree Cement, Hindalco, Divi's Labs, Eicher Motors and SBI Life surged in a volatile session. Bajaj Finance, Cipla, IndusInd, Axis Bank and TCS were among the top Nifty losers.
Bharti Airtel shares ended with minor cuts after Singtel sold a 3 percent stake in the company.
Shares of RBL Bank climbed nearly 5 percent maintaining its upward trend. The bank has been giving high returns on the market to investors recently. In the past 5 days, shares of RBL Bank have gained over 24 percent while in a month the shares have gained over 34 percent.
Elsewhere, Gold prices gained for a third straight day on Thursday, helped by a softer dollar as investors looked ahead to the Jackson Hole economic symposium for cues on inflation and the US Federal Reserve's rate path.
Spot gold rose 0.8 percent to $1,764.39 per ounce. US gold futures gained 0.9 percent to $1,777.60. In the currency market, the rupee closed at 79.88 against the US dollar.
Global markets
Ahead of the Jackson Hole Symposium, which will begin later today, key indices in Europe were mixed while MSCI’s Asia Pacific ex-Japan was up 1.9 percent. S&P futures were up 0.5 percent hinting at a positive start for Wall Street. Investors eagerly awaited to hear the latest reaction of the world's top central bankers to soaring inflation.
Asian equities ended broadly higher today, with Hong Kong gaining traction after trading resumed post noon. Trading in Hong Kong was suspended following a typhoon alert, but the benchmark Hang Seng index notched 3.6 percent gains after trade resumed.
Equities in China also recovered due to bargain buying, while strong gains in shares of electronics, retail, and shipping companies lifted South Korea's Kospi index by over 1 percent.
(With inputs from agencies)
First Published: Aug 25, 2022 3:48 PM IST
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