Sensex Falls 453 pts, Ends Below 60K; Nifty Near 17,850; Financials, IT Stocks Drag

Sensex Today: India’s stock indices reeled under sustained selling pressure for the third consecutive session as bears pushed bulls to the fence. Investors remained on the sidelines as they awaited a key jobs report in the US due for release later today.

The jobs data will likely dictate market trend in the US as strong job additions could mean continued monetary tightening by the Federal Reserve.

The BSE Sensex sank 683 points to the day’s low of 59,670 before closing 453 points lower at 59,900. The NSE Nifty touched a low of 17,796 and eventually pulled back to end 133 points lower at 17,859.

The top laggards that weighed on the benchmark indices were financial and IT shares. TCS, IndusInd Bank, Bajaj twins, Tech M, Kotak Bank, Infosys, Airtel, Tata Motors, Titan and Wipro led losses on Sensex, shedding 1-3 per cent, while JSW Steel was the top Nifty loser.

Handful of index winners included M&M, Reliance, Nestle, ITC, L&T, Britannia, BPCL and ONGC, which closed up to 1 per cent higher.

Besides, broader markets also could not escape the selloff and declined in line with benchmarks. The BSE Midcap and Smallcap indices slipped 0.7 per cent each.

Losses were equally spread across sectors. Nifty IT fell 2 per cent followed by 0.7-1 per cent cuts each in Bank, Financial, Metal, Realty and Pharma indices. FMCG and Consumer Durables outperformed with fractional gains.

Among buzzing stocks, IDBI Bank ended the day with a 8 per cent gain after SEBI allowed the government’s stake in the lender to be reclassified as public after divestment.

Global Cues

Global markets are flashing mixed signals with major indices in Asia, including Nikkei and Kospi, trading up to 0.3 per cent higher.

Overnight, however, Wall Street closed lower after a one-day hiatus with the S&P 500 falling 1.16 per cent; Dow Jones 1 per cent; and Nasdaq Composite 1.47 per cent.

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