Sensex, Nifty decline for fourth consecutive session pulled by IT stocks

Sensex, Nifty declined for the fourth consecutive session; Infosys, Bajaj Finance top losers

Indian equity benchmarks fell for a fourth straight session on Wednesday as investors looked to the US Federal Reserve for signs of a fading pace. Information technology and financial services giants such as Infosys, Bajaj Finance, HDFC Tata Consultancy Services and Bajaj Finserv were among the top stocks dragging the market lower during the session. Sensex fell as much as 445 points at the lows of the day and the Nifty 50 briefly dipped below the key psychological level of 17,200.

The Sensex fell 329 points to close at 57,788 and the Nifty 50 index fell 104 points at 17,221.

Investors are looking for clues as to when the Fed will stop buying assets and start raising interest rates, while the rapid spread of the Omicron coronavirus variant also affects sentiment.

Selling pressure was widespread as all 15 industry gauges, excluding the auto gauge, ended lower led by the Nifty Realty index falling nearly 2%. The Nifty IT, PSU Bank, Metal, Financial Services, and Oil & Gas indexes also fell in the 0.7-1.2% range.

Small- and mid-cap stocks also came under selling pressure as the Nifty Midcap 100 index fell 0.6% and the Nifty Smallcap 100 index fell 0.39%.

Among individual stocks, Paytm’s parent company One97 Communications – fell as much as 13.22% as the lockdown period for anchor investors ended on Wednesday. The stock hit an intraday low of Rs 1,297.70 in early trading.

Tata Consultancy Services (TCS) was the biggest loser in Nifty, shares down 1.5% to close at Rs 3,570. Titan, Divi’s Labs, HCL Technologies, Tata Steel, HDFC, Power Grid, HCL Technologies, Power Grid, Britannia Industries, Grasim, Infosys, SBI Life and Dr Reddy’s Labs also fell 1-2.7%.

On the other hand, Sun Pharma, Kotak Mahindra Bank, Mahindra & Mahindra, Hero MotoCorp, Maruti Suzuki, Larsen & Toubro, Tata Consumer Products and NTPC were among the gainers. Sensex, Nifty decline for fourth consecutive session pulled by IT stocks

Emma James

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