Markets slump amid heavy selling in stocks of Tata Steel, Wipro and Reliance Industries

Mumbai: BSE benchmark Sensex slumped over 388 points to close at 58,576.37 on Tuesday, tracking heavy losses in index-majors Tata Steel, Wipro and Reliance Industries following a broad-based selloff in global markets.

A sharp depreciation in the rupee and persistent selling by foreign investors also dented market sentiment, analysts said.

Investors remained cautious ahead of crucial macroeconomic data announcements — industrial production for February and inflation rate for March — post trading

hours.

Falling for the second straight session, the 30-share index declined 388.20 points or 0.66 per cent to settle at 58,576.37. During the day, the benchmark tanked 666 points or 1.12 per cent to

58,298.57.

Similarly, the Nifty went lower by 144.65 points or 0.82 per cent to finish at 17,530.30.

Tata Steel was the top loser in the Sensex pack, shedding 2.76 per cent, followed by Tech Mahindra, Wipro, Bharti Airtel, Reliance Industries, L&T and Bajaj Finserv.

On the other hand, Axis Bank, Kotak Bank, PowerGrid, Maruti and ICICI Bank were among the gainers, rising up to 1.67 per cent.

The market breadth was negative, with 21 of the 30 Sensex constituents closing in the red.

The rupee fell 24 paise to close at 76.15 against the US dollar on Tuesday.

International oil benchmark Brent crude jumped 3.20 per cent to $101.6 per barrel.