Benchmarks extend losses amid global headwinds; IT stocks skid

Mumbai: Market benchmarks racked up losses for the second straight session on Tuesday, in tandem with a lacklustre trend in global equities as worries about economic recovery and inflation kept sentiment subdued. A weak rupee and persistent foreign fund outflows further weighed on the bourses, traders said.

The 30-share BSE Sensex opened higher but could not carry forward the momentum in see-saw trade. It finally closed 236 points or 0.43 per cent lower at 54,052.61.

On similar lines, the broader NSE Nifty dropped 89.55 points or 0.55 per cent to end at 16,125.15. The market breadth was negative, with 20 of the 30 Sensex shares closing in the red. Tech Mahindra was the top laggard among the Sensex constituents, slipping 3.92 per cent, followed by HUL, HCL Tech, Asian Paints, NTPC, Infosys, Tata Steel and Axis Bank.

The rupee slipped by 4 paise to close at 77.59 (provisional) against the US dollar on Tuesday.