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Sensex slides 1.4% on selling pressure

Benchmark equity indices slid about 1.4% on Wednesday on increasing selling pressure.

The S&P BSE Sensex lost 709.54 points, or 1.35%, to close at 51,822.53. The stocks that lost the most included Tata Steel (5.24%), Wipro (3.29%), Reliance (3.07), IndusInd Bank (2.67%), HCL Tech (2.61%).

The NSE Nifty-50 index too slumped 225.50 points or 1.44% to 15,413.30.  

“After a breather, bears took tight control over markets as it ended with sharp losses. The benchmark started on a muted note tracking weak Asian markets and further negative bias continued throughout the day as selling pressure widened in metals, media and energy,” said Ajit Mishra, vice-president, Research, Religare Broking Ltd.

“The broader markets, mid cap and small cap ended in-line with the benchmark. All the sectoral indices ended in the red,” he said adding on Thursday markets would first react to the Fed chairman speech scheduled in the night.  “Besides, progress on monsoon, crude price and currency movement will be key monitorable,” he added. 

The Indian rupee also touched a new low in line with capital outflow.   Jateen Trivedi, vice president, Research Analyst at LKP Securities said “Rupee traded weak below 78.30 down 0.25% compared with the previous close on the back of Fed’s increasing hawkish stance and FII’s selling aggressively in the Indian markets.” 

“Crude prices have shown some respite hence rupee has not fallen below 78.50 to a dollar. The range for rupee can be seen between 78.10-78.50 going ahead,” he added.

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