Sensex loses 334 points, Nifty 73 as IT, tech, telecom stocks bleed
The BSE Sensex plunged 334 points to close at 38,963 while the 50-stock Nifty lost 73 points to finish the day at 11,588.
Indian indices went down on Tuesday due to massive selloff in the Infosys shares in the intraday trade. The BSE Sensex plunged 334 points to close at 38,963 while the 50-stock Nifty lost 73 points to finish the day at 11,588. The Bank Nifty index, however, gained 290 points and ended at 29,411.
Infosys share price fell as much as 16.73 per cent in the intraday trade. Apart from Infosys, shares of L&T Technology Services, Orient Cement, General Insurance Corporation, Zensar Technologies, Cyient and Dewan Housing Finance Corporation Limited (DHFL) also went down in the intraday trade. The shares of Reliance Power, Reliance Infrastructure, Vakrangee, Piramal Enterprises, Nippon LifeAM and SBI Life Insurance were among the major gainers on Tuesday.
IT and Tech stocks led the bloodbath as the BSE IT and Tech index fell 7 per cent and 6.35 per cent respectively. IT major Cyient share price went down 5.53 per cent, HCL Technologies shares plunged 2.91 per cent, Hexaware Technologies stocks dipped 2.02 per cent, L&T Technology Services dipped towards south to the tune of 10.10 per cent.
Among major Asian markets; the Japanese Nikkei gained 0.25 per cent, South Korean Kospi advanced 1.16 per cent, Hang Seng added 0.23 per cent while the Shanghai markets closed 0.48 per cent higher from Monday's closing.