Fag-end selling drags Sensex 311 points down; IT, financial stocks dip

Mumbai (Maharashtra) [India], August 25 : Fag-end selling dragged the Indian stock market's benchmark Sensex 709 points down from its day's high on Thursday as the investors adjusted their positions in the equities amid F&O expiry for the August derivatives series.
The 30 stock S&P BSE Sensex closed 310.71 points or 0.53 per cent down at 58,774.72 points against its previous day's close at 59,085.43 points.
The market witnessed a volatile session. The Sensex started the day in the positive at 59,315.98 points and surged to a high of 59,484.35 points in the intra-day. The markets witnessed heavy selling pressure in the last hour of the trade. The Sensex dipped to a low of 58,666.41 points in the intra-day.
The Sensex had closed 54.13 points or 0.09 per cent higher in a volatile session on Wednesday.
The broader Nifty 50 of the National Stock Exchange slumped 82.50 points or 0.47 per cent to close at 17,522.45 points against its previous day's close at 17,604.95 points.
The Nifty 50 started the day in the positive at 17,679.00 points and rose to a high of 17,726.50 points in the intra-day. The index came under heavy selling pressure towards the fag-end of the day. The Nifty slumped to a low of 17,487.45 points in the intra-day.
There was heavy selling pressure in financial and IT stocks. Bajaj Finance slumped 1.81 per cent to Rs 7045.15. Infosys dipped 1.20 per cent to Rs 1518.85. TCS slumped 1.14 per cent to Rs 3218.10. IndusInd Bank closed 1.11 per cent down at Rs 1089.35.
The index heavyweight Reliance Industries Limited closed 0.32 per cent down at Rs 2630.50.
Power Grid Corporation, Axis Bank, NTPC, L&T, HDFC, Nestle India, ITC, HCL Technologies, Bajaj Finserv and UltraTech Cement were among the major Sensex losers.
Only five of the 30 stocks that are part of the benchmark Sensex closed in the positive.
Maruti Suzuki rose 0.46 per cent to Rs 8732.20. SBI, Dr Reddy's Laboratories, Kotak Bank and Titan were the other Sensex gainers.
The share price of New Delhi Television Limited (NDTV) hit the upper circuit limit for the second consecutive day on Thursday after Adani Group announced that it would acquire a majority stake in the news channel company.
On the BSE the share price of NDTV opened at Rs 403.70, the upper circuit limit. This is five per cent higher when compared with its previous day's close at Rs 384.50.
The scrip has hit the upper circuit limit for the second consecutive day after Adani Group's announcement of stake purchase.
NDTV share has an upper and lower circuit limit of 5 per cent. The share price of NDTV surged 5 per cent to hit the upper circuit limit of Rs 384.50 soon after the opening of the trade on Wednesday against its previous day's close at Rs 366.20.
On Thursday, the scrip started the trade with the upper circuit limit. NDTV share has risen sharply in recent months. The 52-week low of NDTV share is Rs 71.15.