Stock Market fall six straight day; Sensex closes at 56,598

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Mumbai: The Indian stock market`s key indices, Sensex and Nifty, slumped for the sixth consecutive session on Wednesday dragged by heavy selling pressure in the index heavyweights Reliance Industries, ITC and HDFC Bank.

The 30 stock S&P BSE Sensex slumped 509.24 points or 0.89 per cent to 56,598.28 points against its previous day`s close at 57,107.52 points. The Indian equities witnessed volatile trading amid weakness in the Asian peers.

The Sensex started the day with a deep cut at 56,710.13 points and slumped to a low of 56,485.67 points in the intra-day. The markets witnessed some good buying support in around noon.

The Sensex briefly turned positive touching a high of 57,213.33 points in the intra-day. This is the sixth consecutive day of losses in the benchmark indices. The Sensex had lost 37.70 points or 0.07 per cent on Tuesday.

The broader Nifty 50 of the National Stock Exchange slumped 148.80 points or 0.87 per cent to 16,858.60 points against its previous day`s close at 17,007.40 points.The Nifty started the day in the red at 16,870.55 points and slumped to a low of 16,820.40 points in the intra-day trade.

The Nifty rose to a high of 17,037.60 points in the intra-day. The Nifty had lost 8.90 points or 0.05 per cent on Tuesday.

The index heavyweight Reliance Industries Limited slumped 2.64 per cent to Rs 2332.10. ITC dipped 1.97 per cent to Rs 324.90. Axis Bank slumped 2.84 per cent to Rs 716.35. Tata Steel slumped 2.41 per cent to Rs 95.25.

IndusInd Bank, State Bank of India, HDFC, HDFC Bank, Bajaj Finserv, Titan and Maruti Suzuki were among the major Sensex losers. Asian Paints climbed 2.90 per cent to Rs 3571.20. Sun Pharma rose 2.21 per cent to Rs 916.70. Dr Reddy`s Laboratories jumped 2.03 per cent to Rs 4267.20.

Twelve of the 30 scrips that are part of the benchmark Sensex closed in the positive. Power Grid Corporation, Nestle India, Hindustan Unilever, Tech Mahindra and TCS were among the major Sensex gainers.