India stocks lower at close of trade; Nifty 50 down 4.38%

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At the close in NSE, the Nifty 50 lost 4.38%, while the BSE Sensex 30 index declined 4.61%.

The best performers of the session on the Nifty 50 were Cipla Ltd. (NS:CIPL), which rose 6.71% or 27.35 points to trade at 435.00 at the close. Meanwhile, Tech Mahindra Ltd (NS:TEML) added 4.74% or 23.90 points to end at 528.00 and Nestle India Ltd (NS:NEST) was up 3.78% or 570.95 points to 15679.55 in late trade.

The worst performers of the session were Bajaj Finance Ltd (NS:BJFN), which fell 11.89% or 302.30 points to trade at 2240.00 at the close. Housing Development Finance Corporation Ltd (NS:HDFC) declined 10.83% or 190.00 points to end at 1564.00 and Kotak Mahindra Bank Ltd. (NS:KTKM) was down 8.37% or 117.10 points to 1282.00.

The top performers on the BSE Sensex 30 were Tech Mahindra Ltd (BO:TEML) which rose 4.94% to 528.50, Nestle India Ltd (BO:NEST) which was up 4.49% to settle at 15768.15 and AXIS Bank Ltd. (BO:AXBK) which gained 2.50% to close at 368.70.

The worst performers were Bajaj Finance Ltd (BO:BJFN) which was down 11.95% to 2242.25 in late trade, Housing Development Finance Corporation Ltd (BO:HDFC) which lost 10.92% to settle at 1562.60 and Tata Steel Ltd (BO:TISC) which was down 8.36% to 254.15 at the close.

Falling stocks outnumbered advancing ones on the India National Stock Exchange by 960 to 558 and 93 ended unchanged; on the Bombay Stock Exchange, 1293 fell and 872 advanced, while 159 ended unchanged.

Shares in Bajaj Finance Ltd (NS:BJFN) fell to 52-week lows; down 11.89% or 302.30 to 2240.00. Shares in Bajaj Finance Ltd (BO:BJFN) fell to 52-week lows; falling 11.95% or 304.20 to 2242.25. Shares in Tata Steel Ltd (BO:TISC) fell to 3-years lows; down 8.36% or 23.20 to 254.15.

The India VIX, which measures the implied volatility of Nifty 50 options, was up 2.14% to 71.8900.

Gold Futures for June delivery was down 0.33% or 5.40 to $1648.70 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in May fell 4.97% or 1.07 to hit $20.44 a barrel, while the June Brent oil contract fell 5.26% or 1.47 to trade at $26.48 a barrel.

USD/INR was up 0.12% to 75.560, while EUR/INR fell 0.49% to 83.6300.

The US Dollar Index Futures was up 0.42% at 98.948.