MUMBAI: The Indian stock market’s benchmark Sensex closed 224 points down on Wednesday, dragged by heavy selling pressure in IT stocks amid a rout in the global equities markets.
The 30 stock S&P BSE Sensex closed 224.11 points down at 60,346.97 points against its previous day’s close at 60,571.08 points.
Tracking weakness in the global indices, the benchmark Sensex started the day sharply down at 59,417.12 points. However, the index recouped its losses in the afternoon session. It briefly turned positive, touching a high of 60,649.04 points in the intra-day.
The closed in the red after four consecutive days of the rally. It had gained 455.95 points on Tuesday.
The broader Nifty 50 of the National Stock Exchange slumped 66.30 points to 18,003.75 points. It started the day sharply down at 17,771.15 points. However, the buying support in banking and financial stocks helped the Nifty regain 18,000 points mark level again.
The Nifty rose to a high of 18,091.55 points in the intra-day. It had gained 133.70 points or 0.75 per cent on Tuesday.
IT stocks slumped on Wednesday. Infosys dipped 4.53 per cent to Rs 1,475, Tata Consultancy Services slumped 3.36 per cent to Rs 3,120.85, Tech Mahindra dipped 2.61 per cent to Rs 1,117.45 and HCL Technologies slumped 2.44 per cent to Rs 932.30. The index heavyweight Reliance Industries Ltd closed 1.23 per cent down at Rs 2,587.80.
There was good buying support in banking and financial stocks. IndusInd Bank surged 4.48 per cent to Rs 1,216.40 and State Bank of India soared 2.39 per cent to Rs 571.60. Power Grid Corporation, NTPC, Kotak Bank, Tata Steel, Bajaj Finance, Bajaj Finserv, HDFC Bank and ICICI Bank were among the major Sensex gainers. (ANI)