Bear firms grip on markets for second day amid heavy selling in banking & IT stocks

Mumbai: Benchmark BSE Sensex tumbled 566 points to close below the 60,000-level on Wednesday, extending its losses for a second day due to profit taking in banking and IT stocks amid a fall in global stocks.

The 30-share BSE barometer tanked 566.09 points or 0.94 per cent to settle at 59,610.41 as 20 of its constituents closed in red. During the day, it plunged 666.66 points or 1.10 per cent to 59,509.84.

The broader NSE Nifty declined by 149.75 points or 0.83 per cent to settle at 17,807.65 with 30 of its stocks ending with losses.

HDFC Bank fell the most by 3.51 per cent among Sensex stocks. HDFC tanked 3.26 per cent due to profit taking.

HCL Tech dropped by 2.07 per cent, Tech Mahindra by 1.97 per cent, Infosys by 1.75 per cent and TCS by 1.52 per cent. Among banking stocks, Kotak Bank fell by 1.27 per cent, Axis Bank by 1.26 per cent and IndusInd Bank by 0.68 per cent.

Reliance Industries, M&M, Dr Reddy's, Wipro, Bajaj Finance, and Titan also declined.

On the other hand, NTPC emerged as the lead gainer among index stocks, rising by 2.61 per cent. Tata Steel rose by 1.94 per cent, Power Grid by 1.52 per cent and Bharti Airtel by 1.17 per cent. Nestle, L&T, SBI and Asian Paints also advanced.

Snapping its three-day winning streak, the rupee tanked 55 paise, its steepest single-day fall in a month, to close at a one-week low of 75.84 against the US dollar on Wednesday, tracking a strong American currency in the overseas market.