Sensex tanks 721 points on selling in financial, IT and oil & gas stocks

Mumbai: Stock markets declined for the second day in a row on Friday, with the Sensex tumbling 721 points due to heavy selling in financial, IT and oil & gas shares amid persistent foreign fund outflows.

The 30-share BSE Sensex tanked 721.08 points or 0.88 per cent to settle at over a month’s low of 81,463.09. The 50-share NSE Nifty dropped 225.10 points or 0.90 per cent to a month’s low of 24,837.

The market capitalisation of BSE-listed firms fell by Rs 8,67,406.75 crore to Rs 4,51,67,858.16 crore ($5.22 trillion) in two days.

Among Sensex firms, Bajaj Finance declined 4.73 per cent post its June quarter earnings announcement. Power Grid, Infosys, Tech Mahindra, Bajaj Finserv, Trent, Tata Motors, NTPC and Adani Ports were also among the laggards. However, Sun Pharma and Bharti Airtel emerged as gainers.

Utilities slumped 2.37 per cent, power tumbled 2.36 per cent, oil & gas (2.11 per cent), industrials (1.88 per cent), capital goods (1.83 per cent), IT (1.65 per cent) and metal (1.64 per cent). BSE healthcare emerged as the only gainer. As many as 2,892 stocks fell, 1,117 advanved and 145 remained unchanged on the BSE.