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Late Selling Pressure Drags Sensex To Ninth Session Of Losses

Late Selling Pressure Drags Sensex To Ninth Session Of Losses

Domestic equity benchmarks extended losses reversing intraday gains after selling pressure intensified in information technology heavyweights - Tata Consultancy Services and Infosys in last hour of trade. The S&P BSE Sensex clocked ninth session of losses, its longest losing streak in nearly eight years, and Nifty 50 Index fell for eighth day in a row. In the last nine trading sessions, the Sensex has plunged over 4 per cent or 1,622 points. In today's trade, the Sensex ended 146 points or 0.41 per cent lower at 35,353 and the NSE Nifty 50 Index shut shop at 10,604, down 36 points or 0.34 per cent.

For most part of the day, Sensex and Nifty traded firmly higher on the back of gains in ICICI Bank, Larsen & Toubro and State Bank of India. However, selling in IT heavyweights and HDFC twins wiped out entire intraday gains. From the highest point of the day, Sensex fell as much as 489 points and Nifty declined over 100 points to fall below important psychological level of 10,600.

Wipro was the top loser from the Nifty 50 basket of shares, the stock fell 3.3 per cent to Rs 363. Tata Consultancy Services, IndusInd Bank, Adani Ports, NTPC and Infosys were also among the losers, down 2.3-3.2 per cent each. On the other hand, Vedanta was top gainer, up 3.3 per cent at Rs 153. Grasim Industries, Bharat Pteroleum, Zee Entertainment and JSW Steel were also among the gainers.

Thirteen of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Realty Index's 1.7 per cent gain. On the flipside, S&P BSE Information Technology Index was top loser, down 2.1 per cent.

Mid- and small-cap shares outperformed their larger peers as the S&P BSE Midcap Index rose 0.5 per cent and the S&P BSE Smallcap Index advanced 0.3 per cent.