Extending the losing run to the third consecutive day, the Indian stock market's benchmark Sensex closed 303 points down on Wednesday dragged by heavy selling pressure in IT stocks.
The 30 stock S&P BSE Sensex slumped 303.35 points or 0.56 per cent to 53,749.26 points against its previous day's close at 54,052.61 points.
Earlier, the Sensex started in the positive at 54,254.07 points and surged to a high of 54,379.59 points in the morning trade.
The markets started witnessing selling pressure from around noon and slumped to a low of 53,683.16 points in the intra-day.
This is the third consecutive session of weakness in the markets. The Sensex had lost 236 points or 0.43 per cent on Tuesday.
The broader Nifty 50 of the National Stock Exchange slumped 99.35 points or 0.62 per cent to 16,025.80 points.
The Nifty 50 started the day in the positive at 16,196.35 points and rose to a high of 16,223.35 points in the morning trade. It dipped to a low of 16,006.95 points in the intra-day. The Nifty had lost 89.55 points or 0.55 per cent on Tuesday.
There was heavy selling pressure in IT stocks. TCS slumped 3.69 per cent to Rs 3166.60. Tech Mahindra tumbled 3.53 per cent to Rs 1059.25. Wipro slumped 3.30 per cent to Rs 444.85. Infosys slipped 2.06 per cent to Rs 1411.45.
Asian Paints tumbled 8.04 per cent to Rs 2838.40. The index heavyweight Reliance Industries closed 0.19 per cent down at Rs 2611.15.
NTPC surged 3.84 per cent to Rs 152.65. Bharti Airtel rallied 1.41 per cent to Rs 688.35.
There was good buying support in private banks. Kotak Bank surged 1.42 per cent to Rs 1907.50. ICICI Bank rose 0.76 per cent to Rs 713.45. HDFC Bank closed 0.72 per cent higher at Rs 1328.40. HDFC rose 1.35 per cent to Rs 2237.40.
Twelve of the 30 scrips that are part of the Sensex closed in the positive. Nestle India, ITC, Bajaj Finance, Bajaj Finserv and Sun Pharma were among the major Sensex gainers.
( With inputs from ANI )
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