Sensex, Nifty Decline Led By Losses In Infosys, TCS, Reliance Industries


HDFC Life was top Nifty loser, the stock fell 3 per cent to Rs 704.

The Indian equity benchmarks erased intraday gains led by losses in index heavyweights Tata Consultancy Services, Infosys, Reliance Industries, HDFC and HDFC Bank. The benchmarks opened higher and gave up gains mirroring cautious trend in other Asian markets as a spike in coronavirus cases across the region over the weekend hurt investor sentiment while oil hovered around 2-1/2 year highs. The Sensex dropped as much as 379 points from the day’s highest level and Nifty 50 index an intraday low of 15,817.95 after moving above 15,900 earlier in the session.

As of 12:01 pm, the Sensex was down 125 points at 52,800 and Nifty 50 index declined 30 points to 15,830.

MSCI’s broadest index of Asia-Pacific shares outside Japan was last a shade weaker at 702.57. Japan’s Nikkei slipped 0.2 per cent, with South Korea’s benchmark KOSPI down about the same amount.

Investors were concerned about a spike in coronavirus infections in Asia, with Australia’s most populous city of Sydney plunging into a lockdown after a cluster of cases involving the highly contagious Delta strain ballooned.

Back home, six of 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty IT index’s 0.7 per cent decline. Nifty Financial Services, Bank, Auto, Media and Private Bank indices were also trading lower.

On the other hand, Nifty Pharma, PSU Bank and Metal indices rose over 1 per cent.

Mid- and small-cap shares were outperformed their larger peer s as Nifty Midcap 100 index advanced 0.4 per cent and Nifty Smallcap 100 index rose 0.37 per cent.

HDFC Life was top Nifty loser, the stock fell 3 per cent to Rs 704. TCS, Bajaj Finserv, HCL Technologies, Titan, Bajaj Finance, ITC, Larsen & Toubro, Shree Cements, Maruti Suzuki, Bajaj Auto, HDFC and State Bank of India also fell between 0.5-1 per cent.

On the flipside, Divis Labs, ONGC, Adani Ports, Dr Reddy’s Labs, Tata Steel, Tata Consumer Products, Cipla, JSW Steel, Grasim Industries, Hindalco, NTPC and Sun Pharma were among the laggards.

The overall market breadth was positive as 1,760 shares were advancing while 1,361 were declining on the BSE.

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