Stock Market on Thursday: Sensex and Nifty 50 drop nearly 1% in broad selloff

The Indian stock market saw a widespread selloff on Thursday, May 30, due to the expiry of May futures and options contracts.

Market participants remained uneasy ahead of the Lok Sabha election results, set to be announced on June 4. On May 30, the benchmark equity indices closed negatively. The BSE Sensex dropped 617 points, or 0.83%, to 73,885, while the NSE Nifty 50 fell 216 points, or 0.95%, to 22,488.

"The benchmark index is taking cues from the US market as treasury yields continue to climb following the stickiness of global inflation, delaying the central bank’s interest rates cut policy," Vinod Nair, Head of Research at Geojit Financial Services, said.

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From the Sensex pack, Tata Steel, Titan, Tech Mahindra, Wipro, Bajaj Finserv, Bajaj Finance, Nestle India, Tata Motors and JSW Steel were the biggest laggards.

ICICI Bank, Axis Bank, HDFC Bank, State Bank of India and Kotak Mahindra Bank were the gainers.

Election-related uncertainty has increased, contributing to market nervousness. The final phase of voting is scheduled for Saturday, June 1, with vote counting starting on June 4. The election results are expected to be clear by the end of the day.