Indian equity benchmarks wiped out gains in the afternoon deals amid selling pressures in Reliance Industries, Bajaj Finance, Infosys, HDFC, Tata Consultancy Services, Hindustan Unilever and Bajaj Finserv. The Sensex fell a staggering 733 points from its high for the day and the Nifty 50 index fell below the key psychological level of 17,450 after hitting an intraday high of 17,639. Investors have seen gains around intraday highs after a sharp IP move in the last five trading sessions, analysts said.
The Sensex fell 310 points to 58,476 at 12:49 PM and the Nifty 50 index fell 71 points to 17,440.
Tega Industries rose 68 percent on its market debut. The stock opened at Rs 760 rupees, compared to the bid price of Rs 453, with the mining equipment maker valued at Rs 1,039 crore.
Eight of the 15 sector indices compiled by the National Stock Exchange were lower, led by the 1.4 percent drop in the Nifty Media index. The handy PSU Bank, Oil & Gas, FMCG and Financial Services indices also traded negatively.
On the other hand, information technology, metals and select private banking stocks witnessed buying interest.
Mid and small cap stocks outperformed their larger competitors as the Nifty Midcap 100 index rose 0.4 percent and the Nifty Smallcap 100 index rose 0.2 percent.
Bajaj Finance was the biggest loser, the stock fell 2.7 percent to Rs 7,252. Bajaj Finserv, Reliance Industries, Mahindra & Mahindra, Eicher Motors, Nestle India, Tata Consumer Products, Adani Ports, Bharat Petroleum, Bajaj Auto, Bharti Airtel and Indian Oil also fell between 1-2 percent.
On the other hand, Axis Bank, Tech Mahindra, Hindalco, Power Grid, SBI Life, Wipro, Divi’s Labs and Tata Motors were among the winners.
Overall market size was positive as 1,972 shares rose while 1,404 shares fell on the BSE.
