Sensex dips 425 points; IT, infra, banking stocks slump

Mumbai (Maharashtra): The Indian equities markets’ key indices fell sharply for the second consecutive day on Tuesday with benchmark Sensex losing 425 points dragged by heavy selling pressure in metal, IT, infra, and banking stocks.

The 30 stock S&P BSE Sensex was trading at 58,539.17 points at 11.45 am, which is 425.4 points or 0.72 per cent down from its previous day’s close at 58,964.57 points.

Earlier, the Sensex opened in the red at 58,743.50 points and slumped to a low of 58,338.13 points in the morning trade.

This is the second consecutive day of a sharp plunge in the key indices. The Sensex had lost 482.61 points or 0.81 per cent on Monday.

The broader Nifty 50 of the National Stock Exchange was trading 159.65 points or 0.9 per cent down at 17,515.30 points. The Nifty had lost 109.40 points or 0.62 per cent on Monday.

Tata Steel plunged 3.64 per cent to Rs 1308.60. L&T slumped 2.04 per cent to Rs 1744.20. UltraTech Cement fell 1.40 per cent to Rs 6762.

IT stocks slumped for the second straight day. Infosys dipped 1.49 per cent to Rs 1740.30. Tech Mahindra slipped 1.43 per cent to Rs 1428.05. Wipro was trading 1.35 per cent down at Rs 563.50.

The index heavyweight Reliance Industries was trading 1.37 per cent down at Rs 2574.10.

Only four of the 30 scrips that are part of the Sensex were trading in the positive. TCS rose 0.93 per cent to Rs 3730.85. Kotak Bank, Maruti Suzuki and HCL Technologies were other Sensex gainers.