Indian benchmark indices sank for the fifth consecutive
session on Thursday, with the Sensex and Nifty plunging over 2% each, following
extremely weak global trends and selling in index heavyweights HDFC twins, Reliance
Industries and ICICI Bank.

Continuous selling by foreign institutional investors
also weighed on traders’ sentiments. In addition, investors remained cautious
ahead of the announcement of the inflation rate for April and industrial
production data for March.

Also Read | LIC IPO: Here’s how to check the share allotment status

The BSE Sensex declined 1,158 points or 2.14% to close
below the 53,000-mark at 52,930.31. During the day, it tumbled 1,386.09 points
or 2.56% to 52,702.30.

The NSE Nifty plunged 359.10 points or 2.22% to end at
15,808.

All the sectoral indices closed in the red with capital
goods, auto, bank, metal, oil & gas, power, FMCG, pharma, and realty
indices down 1-4%.

Also Read | Who is new Air India CEO Campbell Wilson?

Among broader indices, the BSE midcap and smallcap
indices fell 2% each.

“Undoubtedly, the biggest negative catalyst
continues to be inflation all over global economies. The anxiety at stock
markets across the globe is on the backdrop of Federal Reserve’s next strategy
on interest rates…,” said Prashanth Tapse, Vice President (Research),
Mehta Equities.

Also read | Trump’s Washington DC hotel sold for record price to Florida-based group

Major laggards from the Sensex pack were IndusInd Bank
down by 5.82%, Tata Steel down by 4.13%, Bajaj Finance down by 3.76%, Bajaj
Finserv down by 3.53%, HDFC Bank down by 3.34%, Axis Bank down by 3.44%, HDFC
down by 3.17%, Titan down by 3.14%, NTPC down by 2.65% and State Bank of India
down by 2.93

The only gainers were Wipro up by 0.91% and HCL
Technologies up by 10%.

Also Read | Why Apple fell behind Saudi Aramco in the most valuable company race

The rupee settled 19 paise lower at 77.42 per US dollar
on Thursday compared with Wednesday’s close of 77.23.

Among Asian market peers, Tokyo in Tokyo, Hong Kong,
Seoul and Shanghai ended sharply lower.

European equity markets were trading with sharp cuts in
the afternoon session.

US stock exchanges had settled lower on Wednesday.

Also Read | Phillip Jefferson becomes fourth Black person to serve on Fed Reserve board

Brent crude, the international oil benchmark, declined
2.02% to USD 105.7 per barrel.

According to stock exchange data, foreign institutional
investors offloaded shares worth Rs 3,609.35 crore on Wednesday.