EconomySensex cracks by 549 points, IT stocks drag

Sensex cracks by 549 points, IT stocks drag

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Mumbai (Maharashtra, India): Equity benchmark indices extended early losses to close one percent lower on Friday amid broad-based selling as traders booked profit.

The BSE S&P Sensex wound up the day 549 points or 1.11 percent lower at 49,035 while the Nifty 50 slipped by 162 points or 1.11 percent to 14,434.

All sectoral indices at the National Stock Exchange were in the red with Nifty IT and PSU bank down by 2.1 percent, realty by 1.8 percent, pharma by 1.6 percent, and metal by 1.1 percent.

Among stocks, IT majors had a tough day with Tech Mahindra dropping by 3.9 percent to Rs 1,011 per share while HCL Technologies cracked by 3.7 percent and Wipro by 3.6 percent.

The other losers were energy majors like GAIL, ONGC, Bharat Petroleum Corporation, and Coal India. Hindalco, Asian Paints, and UltraTech Cements too traded over 2 percent lower.

However, Tata Motors gained by 6.6 percent to Rs 261.40 per share. Bharti Airtel, UPL, ITC, Bajaj Auto, and Tata Steel also traded with a positive bias.

Meanwhile, Asian shares were volatile after US President-elect Joe Biden proposed a 1.9 trillion dollar stimulus plan to jump-start the world’s largest economy and accelerate its response to Covid-19.

Hong Kong’s Hang Seng added 0.27 percent but Japan’s Nikkei was down by 0.62 percent after touching three-decade highs in the previous session — ANI

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