Fag-end selloff drags Sensex 844 points down; Nifty slips below 17,000-point mark

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MUMBAI: The Indian stock market’s benchmark Sensex slumped by 844 points while Nifty slipped below the 17,000-point mark on Tuesday, dragged by heavy selling pressure in energy, technology and auto stocks.

The 30 stock S&P BSE Sensex closed 843.79 points down at 57,147.32 points against its previous session’s close at 57,991.11 points.

The Sensex started the day marginally higher at 58,004.25 points and rose to a high of 58,027.52 points in the intra-day. The fag-end selloff dragged the index down to a low of 57,050.40 points in the intra-day. The Sensex had slumped by 200.18 points on Monday.

The broader Nifty 50 of the National Stock Exchange slumped below the 17,000-point mark. It closed 257.45 points down at 16,983.55 points against its previous day’s close at 17,241.00 points.

It was volatile trading. The Nifty started the day in the positive at 17,256.05 points and rose to a high of 17,261.80 points. It slipped below 17,000 points mark in the last hour of the trade. The Nifty hit a low of 16,950.30 points in the intra-day.

There was heavy selling pressure in energy, technology and auto stocks. The index heavyweight Reliance Industries Ltd slumped 2.02 per cent to Rs 2,357.25, Tata Steel plunged 2.86 per cent to Rs 100.30, IndusInd Bank slumped 3.70 per cent to Rs 1,165.45, Nestle India dipped 3.13 per cent to Rs 1,8499, Maruti Suzuki dipped 2.07 per cent to Rs 8,681.95 and Titan slumped 2.05 per cent to Rs 2,624.75.

IT stocks too slumped. Infosys dipped 2.65 per cent to Rs 1,423.90, HCL Technologies slumped 2.47 per cent to Rs 938.60 and Tech Mahindra slumped 2.42 per cent to Rs 1,005.05.

Tata Consultancy Services (TCS) closed 1.67 per cent down at Rs 3,068.95 a day after announcing financial results. The country’s largest software exporter, TCS on Monday said its consolidated net profit jumped by 8 per cent to Rs 10,431 crore for the quarter ended September 30.

The company’s consolidated revenue from operations rose surged by 18 per cent to Rs 55,309 crore in the second quarter of 2022-23 as compared to Rs 46,867 crore in the corresponding quarter of the last year.

Selling pressure was across the board. Only two of the 30 scrips that are part of the benchmark Sensex closed in the positive. Axis Bank rose 1.15 per cent to close at Rs 785.70 and Asian Paints closed 0.68 per cent higher at Rs 3,300.35. (ANI)

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