Sensex sheds over 700 pts due to global IT outage and market weakness | India Business News – Times of India

MUMBAI: A correction, mainly on back of global market weakness and domestically led by Reliance Industries, Tata Steel and NTPC, shaved off 739 points or nearly 1% from the sensex on Friday, even as buying in IT stocks cushioned the fall to some extent. The sensex closed at 80,605 points. On the NSE, Nifty lost 270 points or 1.1% to close at 24,531 points.The global software outage also impacted market sentiment, brokers said.
The day’s selling was led by domestic investors while foreign investors continued to buy, BSE data showed. The selling in mid and small-cap stocks was even sharper.

According to Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services, markets were impacted due to new tensions between US and China which resulted in global profit booking. “In addition, the Microsoft outage impacted a lot of large organisations, airlines and stock exchanges globally. Investors are also cautious ahead of the Budget next week, which will provide the next set of directions to (investors),” Khemka said.

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