Sensex tanks 575 points; Nifty skids below 17,700
The Hindu
Titan, HDFC, HDFC Bank, Wipro, TCS, Reliance Industries Limited, and Power Grid were the major laggards
Equity benchmark Sensex tumbled over 575 points on Thursday, tracking heavy losses in index-heavyweights HDFC twins, TCS and Reliance Industries amid a weak trend in global markets.
Declining for the third straight day, the 30-share Sensex slumped 575.46 points or 0.97% to settle at 59,034.95. During the day, it tanked 633.06 points or 1.06% to 58,977.35.
The broader Nifty-50 also declined 168.10 points or 0.94% to close at 17,639.55.
From the 30-share pack, Titan, HDFC, HDFC Bank, Wipro, TCS, Reliance Industries Limited, and Power Grid were the major laggards.
In contrast, Axis Bank, Hindustan Unilever, ICICI Bank, M&M, and Dr Reddy's were among the gainers.
In Asia, markets in Hong Kong, Seoul, Shanghai, and Tokyo settled lower. Stocks in the United States also ended lower in the overnight session.
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The Union Budget unveiled on February 1, 2025, has come at a time of unprecedented global uncertainty and a flagging domestic economy. The real GDP growth is estimated at 6.4% for 2024-25 and between 6.3-6.8% for 2025-26, a far cry from >8 percent growth required annually to make India a developed nation by 2047. While much attention has been devoted to the demand stimulus through income tax cuts, not enough is said about the proposed reforms in urban development, tariff rationalisation, and regulatory simplification aimed at making Indian cities and corporates more competitive. Since the majority of economic activity is located in cities (urban areas account for ~55% of GDP) and produced by large corporates (~40% of the national output and 55% of India’s exports), the above-mentioned reforms have a pivotal role in improving India’s trend growth rate. Below we unpack each reform.
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