Sensex, Nifty fall for 3rd day on selling in IT, banking shares, FII outflows

The dark clouds of weak Q4 numbers are haunting the domestic market leading to a consecutive third fall in the week.

Benchmark indices Sensex and Nifty declined for a third day on Wednesday dragged by selling in IT and select banking shares amid weak global trends and FII outflows.

The 30-share BSE Sensex closed lower by 159.21 points or 0.27% at 59,567.80 as 21 of its components ended in the red . During the day, the index fell 274.29 points or 0.45% to 59,452.72.

The broader Nifty dipped 41.40 points or 0.23% to settle at 17,618.75 with 31 of its shares closing with losses.

Analysts said stock markets are in a consolidation phase after a record nine-day winning run to April 13 which saw benchmark Nifty soaring by 5.7% and Sensex by 4.73%.

Sensex and Nifty have corrected by around 1.4% in the three straight sessions of losses to Wednesday following poor commentary by major IT companies.

Among the Sensex firms, HCL Technologies fell the most by 2.4%. IndusInd Bank (2.35%), Infosys (2.28%), Wipro (1.8%), NTPC (1.71%), Asian Paints (1.7%), Tata Consultancy Services (1.36%),Tech Mahindra (1.03%) and SBI (1%) were among the major laggards.

Axis Bank was the lead Sensex gainer, rising by 1.05%. Bharti Airtel, Mahindra & Mahindra, HDFC, HDFC Bank, Bajaj Finance and Reliance Industries also advanced.