Sensex has dropped more than 1,200 points in the last two trading sessions.
New Delhi: Benchmark Indian shares extended losses on Wednesday on pressure to sell information technology stocks amid weak global signals. BSE Sensex 30 shares fell 656 points or 1.08% to close at 60,099, while the broader NSE Nifty hit 175 points or 0.96% lower at 17,938. Sensex has dropped more than 1,200 points in the last two trading sessions.
A global sell-off in technology stocks has spooked Asian stock markets, as investors worry about inflation and brace for tighter US monetary policy. Higher US yields and rate hikes tend to make riskier assets like emerging market stocks less attractive, leading to an outflow of money from the region.
Back home, mid-cap and small-cap stocks ended mixed as the Nifty Midcap 100 index fell slightly by 0.06% and the Nifty Smallcap 100 index gained 0.01%.
10 out of 15 industry gauges – compiled by the National Stock Exchange – are colored red. Nifty IT underperforms this metric, falling by up to 2.13%. Nifty Financial Services also saw selling pressure.
In terms of specific stocks, Infosys was the biggest loser in Nifty as the stock rose 2.90% to Rs 1,865. Shree Cements, Asian Paint, Adani Ports and Hindustan Unilever are also among the laggards.
In contrast, ONGC, Tata Motors, UPL, Coal India and Maruti Suzuki India were among the gainers.
Market breadth weakened with 1,596 advancers while 1,811 decliners on the BSE.
On the 30-stock BSE platform, Infosys, Asian Paint, HUL, Bajaj Finance, Kotak Mahindra Bank, TCS and Nestle India lost the most with their shares falling as much as 2.85%.
SBI, Maruti, Tata Steel, Axis Bank, Tech Mahindra and PowerGrid were among the gainers.
