Sensex surrenders early gains as IT stocks crack; logs weekly loss
The Hindu
Rising crude oil prices and relentless foreign capital outflows further weighed on sentiment, traders said
Equity benchmark Sensex declined nearly 390 points on December 9, pressured by heavy selling in IT and energy stocks despite a positive trend in global markets.
Rising crude oil prices and relentless foreign capital outflows further weighed on sentiment, traders said.
The 30-share BSE Sensex opened strong but came under severe selling pressure to close 389.01 points or 0.62% lower at 62,181.67. Similarly, the broader NSE Nifty declined 112.75 points or 0.61% to 18,496.60.
HCL Tech was the top loser in the Sensex pack, skidding 6.72%, followed by Tech Mahindra, Infosys, Wipro, TCS and Reliance Industries.
On the other hand, Nestle India, Titan, Sun Pharma, Dr Reddy's, IndusInd Bank and ITC were among the gainers, advancing up to 2.24%.
“Today’s downfall in the domestic market was sparked by IT stocks extending their losses after warning of a potential slowdown in business on global recession fears. This was further aggravated by banks losing their grip as PSBs suffered heavy sell-offs.”
"However, global bourses were largely positive, although the Fed is expected to raise interest rates by 50 basis points next week," said Vinod Nair, Head of Research at Geojit Financial Services.