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Sensex gives up gains, closes 75 points lower;  Clever at 17,100

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Sensex gives up gains, closes 75 points lower; Clever at 17,100

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Benchmark Indian equity indices ended the session flat after jumping more than 1% in the opening trade. The indices shed their gains on a strong selloff in the final hour of trading and closed near the day’s lows. The fall was led by banking stocks, with ICICI Bank, HDFC Bank and Maruti leading the market, while TCS, Infosys and ITC provided support.

The 30-stock Sensex closed at 57,200, down 75 points and the Nifty50 index fell 8 points to end at 17,101. Sensex fell more than 880 points from the day’s high and Nifty was dropped more than 270 points.

Broader markets outperformed the flagship indices, with mid and small caps up 1.5%. The breadth of the market favors advances, with two stocks up for every stock that slipped.

Among the sector gauges, a strong rally was seen in the Nifty IT, Healthcare and Pharma index. Nifty Realty also jumped more than half a percent. Nifty Metal rose over 0.4% and Nifty Media climbed over 0.8%. However, bank stocks were under pressure today as Nifty Bank fell more than half a percent. Nifty Auto also closed more than half a percent lower.

Among the 50 stocks on Nifty, NTPC, UPL, Sun Pharma, Tata Consumer, IndusInd Bank led the gains, with each scrip up 4%. Leading the losses, Maruti, Tech Mahindra, Power Grid, ICICI Bank, Hero Moto.

Sun Pharma gained more than 2% after reporting improved earnings. Bharti Airtel closed up more than 1% but off the day’s highs after news of a deal with tech giant Google.

To update.

(Edited by : Yashi Gupta)

First post: STI

Sensex gives up gains, closes 75 points lower; Clever at 17,100

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