Sensex, Nifty wipe off morning gains, slip into red

Mumbai (Maharashtra) [India], May 18 (ANI): The Indian stock markets’ key indices, Sensex and Nifty, slipped into the red in the afternoon session on Wednesday wiping off the morning gains due to selling pressure in power, telecom and IT stocks.
The 30 stock S&P BSE Sensex was trading 52.82 points or 0.10 per cent down at 54,265.65 points at 1 pm, against its previous day’s close at 54,318.47 points.
Earlier, the Sensex opened in the positive at 54,554.89 points and rose to a high of 54,786.00 points in the morning trade. The index slipped into the negative in the afternoon session. It fell to a low of 54,130.89 points.
The Sensex had gained 1344.63 points or 2.54 per cent on Tuesday.
The broader Nifty 50 of the National Stock Exchange was trading 12.15 points or 0.07 per cent down at 16,247.15 points against its previous day’s close at 16,259.30 points.
The Nifty 50 had gained 417 points or 2.63 per cent on Tuesday.
Power Grid Corporation slipped 3.81 per cent to Rs 229.60. Bharti Airtel dipped 2.26 per cent to Rs 691.55.
State Bank of India slipped 1.22 per cent to Rs 461.65. Bajaj Finserv, Tech Mahindra, L&T, NTPC and Wipro were among the major Sensex losers.
UltraTech Cement rose 1.71 per cent to Rs 6213.95. Asian Paints, Hindustan Unilever, Sun Pharma and Dr Reddy’s Laboratories were among the major Sensex gainers. (ANI)