Sensex down 566 points, Nifty down 149 points on profit-booking in banking, IT stocks

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Sensex down 566 points, Nifty down 149 points on profit-booking in banking, IT stocks

The benchmark BSE Sensex fell 566 points below the 60,000-level on Wednesday led by heavy selling in banking and IT stocks amid a weak global trend.

The 30-share BSE barometer ended 566.09 points or 0.94 per cent lower at 59,610.41. It closed 666.66 points or 1.10 per cent lower at 59,509.84 during the day.

The broader NSE Nifty ended 149.75 points or 0.83 per cent lower at 17,807.65. From the 30-share pack, HDFC Bank, HDFC, HCL Technologies, Tech Mahindra, Infosys, TCS, M&M, Kotak Mahindra Bank, Axis Bank were the major laggards.

In contrast, NTPC, Tata Steel, Power Grid, Bharti Airtel, Nestle and Larsen & Toubro were among the gainers.

According to Mitul Shah, Head of Research, Reliance Securities, “Domestic stocks moved lower in tandem with US markets, driven by investor expectations of a tighter interest rate hike by the Fed.”

On Tuesday, the BSE Sensex closed at 60,176.50, down 435.24 points or 0.72 per cent. Similarly, the NSE Nifty closed at 17,957.40, down 96 points or 0.53 per cent. Meanwhile, international oil benchmark Brent crude rose 0.93 per cent to $107.6 per barrel.

Elsewhere in Asian markets, shares in Hong Kong, Tokyo and Seoul closed lower, while Shanghai was in the green. In the US too, the index closed at a lower level on Tuesday. According to stock exchange data, foreign portfolio investors bought shares worth Rs 374.89 crore on Tuesday.

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