Sensex slumps for 4th session, declines 668 pts; financials, IT bleed
Indian benchmark equity indices closed in the red for the fourth straight session on Wednesday, dragged down by losses in heavyweight financials and IT stocks. Uncertainty around domestic election results and the timing of US rate cuts also contributed to the decline.
The 30-share BSE Sensex declined by 668 points, or 0.89%, to settle at 74,503. The broader NSE Nifty dropped 183 points, or 0.80%, to end at 22,704.
ICICI Bank and HDFC Bank alone contributed to a 300-point decline in the Sensex. Reliance Industries, Infosys, Axis Bank, L&T, and TCS also dragged down the index.
Meanwhile, the market capitalisation of all listed companies on BSE declined by Rs 1.83 lakh crore to Rs 415.09 lakh crore.
On the sectoral front, Nifty Financial Services fell by 1.65%, while Nifty IT, Private Bank, and Oil & Gas also declined by over 1%. Conversely, Nifty Media, Metal, and Healthcare closed higher. In the broader market, Nifty Midcap 100 fell by 0.32%, while Nifty Smallcap 100 rose by 0.06%.
Among individual stocks, Paytm shares were locked in 5% upper circuit amid reports that Adani Group chairman Gautam Adani is likely considering acquiring a stake in Paytm's parent company, One97 Communications.
More to come....
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