E-Paper
Sensex slips 750 points, Nifty below 14,800 in afternoon session
Sensex slips 750 points to 50,137.24, Nifty down 200 points to 14,784 in afternoon session
Sensex slipped 750 points to 50,137.24 and Nifty was down 200 points to 14,784 in afternoon session on Monday.
Shares extended losses to a fifth session on Monday, dragged down by index heavyweight Reliance Industries and financials as investors sold off recent high-flying stocks.
Equities in India rose sharply in the first two weeks of February, driven by solid corporate earnings, a well-received federal budget and strong foreign fund inflows.
However, markets have pared some of the gains since last week as concerns grew that valuation in certain cases are stretched, and some investors locked in profits in recent winners.
In opening trade on Monday, Sensex dropped over 200 points tracking losses in index majors HDFC, ITC and L&T amid tepid cues from global markets.
After dropping to 50,685.42, the 30-share BSE index pared most losses to trade 65.13 points or 0.13 per cent lower at 50,824.63.
After a similar movement, the broader NSE Nifty was quoting 8.40 points or 0.06 per cent down at 14,973.35.
L&T was the top loser in the Sensex pack, shedding around 2 per cent, followed by M&M, Dr Reddy’s, Maruti, HDFC, TCS and Bajaj Auto.
On the other hand, ONGC, HDFC Bank, Tech Mahindra and Infosys were among the gainers.
In the previous session, Sensex ended 434.93 points or 0.85 per cent lower at 50,889.76, and Nifty gave up the 15,000 level, dropping 137.20 points or 0.91 per cent to 14,981.75.
