Business
Sensex falls 600 points from day’s high, Nifty snaps four-day gain
Indian benchmark indices opened higher but succumbed to selling pressure in the IT space and closed sharply lower on Tuesday with the Sensex falling nearly 600 points from the intraday high and the Nifty slipping below 23,300.
The Sensex was down 405.13 points, or 0.54%, at 74,453.86 around 2 p.m., while the Nifty fell 128.55 points, or 0.54%, to 23,285.75, according to Moneycontrol. The Nifty’s fall snapped its four-session winning streak.
Markets opened higher with Sensex trading nearly 180 points higher and Nifty trading about 75 points higher. But early gains were erased by profit-taking at higher levels and selling in technology stocks.
The Nifty IT index lost around 1.5% with CLSA and Goldman Sachs flagging lacklustre demand as a concern for the sector’s medium-term earnings outlook.
Twelve of the 16 major sectors had advanced earlier in the session, but crude oil stayed above $ 100 a barrel, keeping pressure on Indian stocks.