The Indian stock markets’ key indices, Sensex and Nifty, slumped by around one per cent on Wednesday, dragged by heavy selling pressure in banking and financial stocks. The 30 stock S&P BSE Sensex slumped 537.22 points or 0.94 per cent to 56,819.39 points against its previous day’s close at 57,356.61 points.
Tracking weakness in the global equities, the Sensex opened deep in the red at 56,983.68 points and slumped to a low of 56,584.04 points in the intra-day. Sensex has registered losses in three out of the last four trading sessions. The benchmark index had gained 776.72 points or 1.37 per cent on Tuesday.
The broader Nifty 50 of the National Stock Exchange slumped 162.40 points or 0.94 per cent to 17,038.40 points against its previous day’s close at 17,200.80 points. The Nifty 50 had gained 246.85 points or 1.46 per cent on Tuesday.
There was heavy selling pressure in banking and financial stocks. Bajaj Finance tumbled 7.24 per cent to Rs 6716.65. Bajaj Finserv dipped 3.88 per cent to Rs 14828.55. ICICI Bank slumped 2.21 per cent to Rs 737.05. State Bank of India dipped 1.78 per cent to Rs 497. Axis Bank slipped 1.17 per cent to Rs 766.10.
Some IT stocks also witnessed heavy selling pressure. Wipro slumped 1.91 per cent to Rs 519.25. Infosys slipped 1.68 per cent to Rs 1553.20. However, TCS rose 0.47 per cent to Rs 3561.30. Only six of the 30 scrips that are part of the benchmark Sensex closed in the positive. Tata Steel jumped 1.05 per cent to Rs 1246.50. Asian Paints rose 0.72 per cent to Rs 3148. TCS, HCL Technologies, Reliance Industries and HDFC Bank also closed in the positive.