Sensex slumps 782 points reversing four-days of rally

Mumbai [India], January 6 (ANI): Reversing four-days of winning streak, the Indian equities markets key indices witnessed heavy losses on Thursday with benchmark Sensex slumping 782 points on negative global cues.
Heavy selling pressure was witnessed in IT and banking stocks. Infosys, Tech Mahindra and HCL Technologies slumped more than 2 per cent. HDFC and HDFC Bank both tumbled nearly 2 per cent.
Due to negative cues from the global equities markets, the 30 stock S&P Sensex of the Bombay Stock Exchange opened deep in the red at 59,731.75 points and slumped to a low of 59,300.18 points in the morning trade.
At 11.35 am the Sensex was trading at 59,440.99 points, which is 782.16 points or 1.30 per cent lower from its previous day’s close at 60,223.15 points.
The broader Nifty 50 of the National Stock Exchange was trading 1.23 per cent or 221.30 points down at 17,703.95 points as compared with the previous day’s close at 17,925.25 points.
The Nifty also opened deep in the red at 17,768.50 points and slumped to a low of 17,661.75 points in the morning trade.
There was heavy selling pressure in IT stocks. Infosys slumped 2.27 per cent to Rs 1803.10. It was the biggest Sensex losers in percentage term. HCL Technologies dipped 2.08 per cent to Rs 1284.15. Tech Mahindra slumped 1.94 per cent to Rs 1702.40. TCS was down 1.75 per cent to Rs 3793.55.
The index heavyweight Reliance Industries tumbled 1.99 per cent to Rs 2417. Other major Sensex losers included: HDFC 2.04 per cent down at 2618.40; NTPC 2.01 per cent down at Rs 129.45; Kotak Bank 1.85 per cent down at Rs 1703.40; HDFC Bank 1.71 per cent down at Rs 1537.85 and Power Grid Corporation 1.54 per cent down at Rs 205.20.
Selling pressure was across the board. Only three of the 30 stocks that are part of the benchmark Sensex were trading in the positive. Bharti Airtel jumped 2.12 per cent to Rs 714.90. Maruti Suzuki 0.25 per cent higher at Rs 7793 and State Bank of India 0.13 per cent higher at Rs 492.85 were the only Sensex scrips trading in the positive. (ANI)