Business & Finance

Sensex Plunges By 704 Points, Nifty Sinks Below 17,000

New Delhi: On Tuesday, Indian equity indexes fell for the fifth day in a row, pulled down by severe selling pressure in information technology (IT), financial, and consumer goods firms.

Investor morale was harmed by lower quarterly corporate results, the ongoing Russia-Ukraine confrontation, and concerns about rising inflation.

The 30-share BSE Sensex dived 704 points or 1.23 per cent to close at 56,463, while the broader NSE Nifty moved 215 points or 1.25 per cent lower to settle at 16,959.

Mid- and small-cap shares finished on a weak note as Nifty Midcap 100 index fell 1.37 per cent and the small-cap shed 1.66 per cent.

14 out of the 15 sector gauges — compiled by the National Stock Exchange — ended in the red. Nifty IT, Nifty FMCG and Nifty Financial Services underperformed the index by falling as much as 2.98 per cent, 2.82 and 2.03 per cent, respectively.

On a stock-by-stock basis, HDFC was the worst performer on the Nifty, falling 6.26 percent to 2,121.75. The laggards included HDFC Life, SBI Life, HDFC Bank, and Tata Consumer Products.

On the BSE, the total market breadth was negative, with 1,164 shares rising and 2,248 falling.

On the 30-share BSE index, HDFC twins (HDFC and HDFC Bank), Infosys, ITC, Tech Mahindra, HCL Tech, Hindustan Unilever, Kotak Mahindra Bank, Maruti and Nestle India were among the top losers.

In contrast, Reliance Industries, ICICI Bank, SBI and Bajaj Finance settled in the green.

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