Closing Bell: Sensex and Nifty close in red, market extends losses for the third session in a row
Sell-off continued in the Indian market for the third trading session in a row owing to bearish global cues and profit booking in metal and IT stocks.
Domestic equity benchmarks Sensex and Nifty 50 gave up early gains and took a U-turn on Thursday. Losses were seen in index heavyweights like Reliance Industries, while index majors TCS and Infosys dragged the indices lower. However, buying in select oil and gas and financial services stocks gave some support. On the broader markets both, the BSE Midcap and Nifty Smallcap closed in the red.
IT and metal stocks dragged the indices in today's trade and witnessed selling pressure.
At the closing bell on Thursday, the Sensex was down 336.46 points or 0.55% at 60,923.50, and the Nifty slipped by 88.50 points or 0.48% at 18,178.10. On the advance-decline, around 1580 shares have advanced, 1627 shares declined, and 130 shares were unchanged.
Tip losers of the day were Asian Paints (down by 5%), Hindalco Industries, Reliance Industries, Infosys and Dr Reddys Labs, while top gainers on a bearding session were Kotak Mahindra Bank (up by 6%), NTPC, HDFC, SBI and ICICI Bank.
On the sectoral front, PSU Bank, auto, oil & gas and power indices ended in the green, while metal, IT, energy and FMCG indices closed in red.
On the stock-specific front, IT shares were at the receiving end of selling fury, with HCL Tech, Tech Mahindra, TCS and Infosys shedding 1-2% each on the BSE. Reliance Industries lost 2% ahead of its Q2 results scheduled post market hours on Friday.
However, banking and financial stocks saw buying interest. Kotak Mahindra Bank surged to Rs 2,151, while ICICI Bank, HDFC and Axis Bank gained around 1-2% on the bourses today.
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