Sensex tanks 400 points, HDFC twins drag

Mumbai: Equity benchmark Sensex slumped 400 points on Wednesday tracking losses in index majors HDFC twins, Kotak Bank and TCS amid a weak trend in global markets.

The 30-share BSE index ended 400.34 points or 0.77 per cent lower at 51,703.83, and the broader NSE Nifty tumbled 104.55 points or 0.68 per cent to 15,208.90.

Nestle India was the top loser in the Sensex pack, shedding around 3 per cent, followed by Bajaj Finserv, Asian Paints, IndusInd Bank, Maruti, HDFC twins and Dr Reddy’s.

On the other hand, SBI, PowerGrid, NTPC and Reliance Industries were among the gainers.

According to Binod Modi Head-Strategy at Reliance Securities, domestic equities witnessed pullback amid weak global cues.

Profit-booking was visible in IT, Pharma and FMCG space, while PSU Banks continued to see investors’ interest with PSU Bank index rising briskly by over 6 per cent, he said.

Rotational trading was seen, where a number of mid cap and small cap stocks witnessed sharp uptick as improving earnings visibility is attracting investors to this space especially in sectors which are considered to be beneficiary of higher capex, he added.

Elsewhere in Asia, bourses in Hong Kong ended on a positive note, while those in Tokyo and Seoul were in the red.

Stock exchanges in Europe were also trading with losses in mid-session deals.

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Meanwhile, the global oil benchmark Brent crude was trading 0.58 per cent higher at USD 63.71 per barrel.