18 May,2023 03:38 PM IST | Mumbai | mid-day online correspondent
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Shares of ITC, State Bank of India, and Larsen & Toubro remained among the top drags on Thursday as Sensex fell 128.90 points or 0.21 per cent to end at 61,431.74. Nifty closed the day with a loss of 52 points, or 0.28 per cent, at 18,129.95
Uncertainty over the debt-ceiling negotiations in the US continued weighing on market sentiment after the Sensex and the Nifty ended lower for the third consecutive session on May 18.
State Bank of India or SBI share price nosedived immediately after the announcement of Q4 results today. SBI share price tumbled after the SBI results 2023 announcement and made an intraday low of â¹571.40 per share on NSE, logging to the tune of 2.50 per cent dip from its Wednesday close price of â¹586.30 a piece on NSE.
Global stock markets and Wall Street futures, in the meanwhile, rose on hopes US political leaders can reach agreement to avoid a potentially disastrous default on government debt. London and Paris opened higher. Shanghai, Tokyo and Hong Kong advanced. Oil prices edged lower.
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Wall Street rallied Wednesday after President Joe Biden expressed confidence "America will not default" despite lack of agreement on Republican demands for cuts in aid to poor families in exchange for raising the amount the government can borrow.
"Markets are now fully pricing an in-time resolution of the crisis," said Clifford Bennett of ACY Securities in a report. "No one wants to sell ahead of an announcement of a deal being made."
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In early trading, the FTSE in London rose 0.7per cent to 7,776.24. The DAX in Frankfurt gained 1.5per cent to 16,187.47 and the CAC 40 in Paris advanced 0.9per cent to 7,468.73.
On Wall Street, futures for the benchmark S&P 500 index and the Dow Jones Industrial Average were up 0.1per cent.
On Wednesday, the S&P 500 and the Dow both rose 1.2per cent. The Nasdaq composite gained 1.3per cent.
