Thursday, June 20, 2024

Correction in banking, tech stocks pulls down Sensex

Sensex on Thursday declined 289.31 points, or 0.50%, to 57,925.28 led by correction in banking and technology stocks. While SBI fell 1.69%, Asian Paints and Kotak Bank were down 1.49% each. HCL Tech, Wipro and IndusInd Bank declined 1.40%, 1.34% and 1.28% respectively. 

“Banking stocks came under fire that dragged key benchmark indices lower as a sharp decline in the U.S. markets a day before cautioned investors,” said Shrikant Chouhan, Head, Equity Research (Retail), Kotak Securities. “Although most of the other Asian indices eked out gains cheering that the U.S. Fed may go soft on rate hikes going ahead, local markets failed to follow suit,” he added.

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