Fag-end selloff drags Sensex 844 points down; Nifty slips below 17,000-point mark
Oct 11, 2022
Mumbai (Maharashtra) [India], October 11 : The Indian stock market's benchmark Sensex slumped by 844 points while Nifty slipped below the 17,000-point mark on Tuesday dragged by heavy selling pressure in energy, technology and auto stocks.
The 30 stock S&P BSE Sensex closed 843.79 points or 1.46 per cent down at 57,147.32 points against its previous session's close at 57,991.11 points.
The Sensex started the day marginally higher at 58,004.25 points and rose to a high of 58,027.52 points in the intra-day. The fag-end selloff dragged the Sensex down to a low of 57,050.40 points in the intra-day.
The Sensex had slumped by 200.18 points or 0.34 per cent on Tuesday.
The broader Nifty 50 of the National Stock Exchange slumped below the 17,000-point mark. The Nifty closed 257.45 points or 1.49 per cent down at 16,983.55 points against its previous day's close at 17,241.00 points.
It was volatile trading. The Nifty started the day in the positive at 17,256.05 points and rose to a high of 17,261.80 points. The Nifty slipped below 17,000 points mark in the last hour of the trade. The Nifty hit a low of 16,950.30 points in the intra-day.
There was heavy selling pressure in energy, technology and auto stocks.
The index heavyweight Reliance Industries Limited slumped 2.02 per cent to Rs 2357.25. Tata Steel plunged 2.86 per cent to Rs 100.30.
IndusInd Bank slumped 3.70 per cent to Rs 1165.45. Nestle India dipped 3.13 per cent to Rs 18499. Maruti Suzuki dipped 2.07 per cent to Rs 8681.95. Titan slumped 2.05 per cent to Rs 2624.75.
IT stocks slumped. Infosys dipped 2.65 per cent to Rs 1423.90. HCL Technologies slumped 2.47 per cent to Rs 938.60. Tech Mahindra slumped 2.42 per cent to Rs 1005.05.
TCS closed 1.67 per cent down at Rs 3068.95 a day after announcing financial results. Tata Consultancy Services (TCS), the country's largest software exporter, on Monday said its consolidated net profit jumped by 8 per cent to Rs 10,431 crore for the quarter ended September 30, 2022.
The company's consolidated revenue from operations rose surged by 18 per cent to Rs 55,309 crore in the second quarter of 2022-23 as compared to Rs 46,867 crore in the corresponding quarter of the last year.
Selling pressure was across the board. Only two of the 30 scrips that are part of the benchmark Sensex closed in the positive. Axis Bank rose 1.15 per cent to close at Rs 785.70. Asian Paints closed 0.68 per cent higher at Rs 3300.35.
