Markets decline for 2nd day straight amid heavy selling in IT, banking & tech stocks

Benchmark stock indices Sensex and Nifty declined for a second straight day on Wednesday due to intense selling in IT, banking and tech stocks amid a mixed trend in global equities.

The 30-share BSE Sensex declined 371.83 points or 0.60 per cent to close at 61,560.64 after a flat start. During the day, it tumbled 592.37 points or 0.95 per cent to 61,340.10.

The NSE Nifty declined 104.75 points or 0.57 per cent to settle at 18,181.75.

Among the Sensex firms, Kotak Mahindra Bank, Asian Paints, Tata Consultancy Services, HCL Technologies, Infosys, Tata Steel, Wipro, Bajaj Finance, Tata Motors, Titan and Bajaj Finserv were the major laggards.

In contrast, IndusInd Bank, ITC, Bharti Airtel, Maruti, UltraTech Cement, Mahindra & Mahindra and State Bank of India were the gainers.

In the broader market, the BSE smallcap gauge climbed 0.25 per cent, while the midcap index dipped 0.16 per cent.

Among the indices, realty declined 1.29 per cent, tech fell by 0.89 per cent, utilities (0.82 per cent), IT (0.79 per cent), oil & gas (0.60 per cent) and telecommunication (0.57 per cent). FMCG, industrials, auto, services were the gainers.

The rupee fell 13 paise to close at 82.38 against the US currency on Wednesday, weighed down by the strength of the American currency in the overseas market and a negative trend in domestic equities.

Meanwhile, global oil benchmark Brent crude dipped 0.12 per cent to $74.82 per

barrel.