Sensex Falls Over 300 Points From Day's High, Nifty Slides Below 11,750

Domestic stock markets gave up all of early gains on Thursday afternoon. The S&P BSE Sensex plunged to an intraday low of 39,141.49, retreating as much as 345.96 points from the day's highest level. The NSE Nifty moved in a range of 117.65 points, between 11,738.50 on the downside and 11,856.15 at the day's strongest mark. A selloff in banking, metal and media stocks dragged the benchmark indexes lower, however gains in energy stocks kept the losses in check.

At 1:32 pm, the Sensex traded 108.79 points lower at 39,166.85 while the Nifty was at 11,758.60, down 28.55 points from the previous close. 

At the time, Indiabulls Housing Finance, Yes Bank, Vedanta and Hindalco - trading between 3.09 per cent and 3.62 per cent lower - were the top drags on the 50-scrip index.

Jet Airways shares plunged as much as 34.01 per cent a day after the cash-strapped suspended all of its flying operations temporarily, having failed to secure emergency funds from its lenders. On the NSE, the stock crashed to Rs. 158.70 apiece on morning deals, compared with its previous close of Rs. 240.50.

On the other hand, Reliance Industries shares rose ahead of the release of its earnings post-market hours on Thursday. The stock rose as much as 3.07 per cent to Rs 1,385.00 apiece on the NSE. 

Equities in other Asian markets edged up to nine-month highs, with MSCI's broadest index of Asia-Pacific shares outside Japan rising 0.08 per cent. The index traded just below its highest since late July 2018 brushed on Wednesday.

(With inputs from Reuters)