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Sensex Falls Over 400 Points From Day's High, Nifty Below 12,750

Sensex Falls Over 400 Points From Day's High, Nifty Below 12,750

The S&P BSE Sensex and NSE Nifty 50 indexes erased gains in late morning deals as banking, auto and energy shares came under selling pressure. The losses were however capped as buying in FMCG and information technology shares provided support to the benchmarks. The Sensex fell as much as 436 points from day's highest level and Nifty 50 index fell below its important psychological level of 12,750. Reliance Industries, ICICI Bank, Axis Bank, State Bank of India and Larsen & Toubro were among the biggest drags on the Sensex.

As of 11:50 am, the Sensex fell 85 points to 43,515 and Nifty 50 index declined 26 points to 12,745.

Investors were booking profits after a record-breaking rally seen this month as rising Covid-19 cases rattle investors' sentiment, analysts said.

Nine of 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Private Bank index's over 1 per cent fall. Energy, media, PSU bank, auto and bank indexes were also quoting 0.65-1.3 per cent lower on the NSE.

On the other hand, FMCG and IT shares were seen bucking the weak trend.

Mid- and small-cap shares were trading on a mixed note as Nifty Midcap 100 index slipped 0.2 per cent while Nifty Smallcap 100 index rose o.2 per cent.

Reliance Industries was top Nifty loser, the stock fell 2.5 per cent to Rs 1,924. Axis Bank, IndusInd Bank, UPL, State Bank of India, Adani Ports, ONGC, ICICI Bank, Indian Oil, Sun Pharma, Coal India, Cipla and Larsen & Toubro also fell between 1-2.5 per cent.

On the flipside, Bajaj Finserv, Titan, Nestle India, NTPC, Tech Mahindra, HCL Technologies, Grasim Industries and ITC were among the gainers.

The overall market breadth was neutral as 1,253 shares were advancing while 1,246 were advancing on the BSE.