Sensex falls 867 points on weakness in global equities
Mumbai, May 6: Following global stock market weakness, India's key indices, the Sensex and Nifty fell nearly 2% on Friday, dragged down by heavy selling in banking and IT stocks.
The 30-stock S&P BSE Sensex fell 866.65 points, or 1.56 percent, to 54,835.58 points, down from 55,702.23 points the day before. Earlier in the day, the Sensex opened the day with a steep fall, falling to a low of 54,586.75 points. The Sensex reached an intra-day high of 55,070.12 points.
For the fourth time in the last five trading sessions, the Sensex ended in the red. On Thursday, the index gained 33.20 points, or 0.06 percent, to end the day.
The Nifty 50 index of the National Stock Exchange fell 271.40 points, or 1.63 percent, to 16,411.25 points, down from 16,682.65 points the day before.
Earlier, the Nifty 50 fell to a low of 16,340.90 points after opening in the red at 16,415.55 points.
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On Thursday, the Nifty 50 ended with a modest gain of 5.05 points, or 0.03 percent.
The Indian shares came under significant selling pressure on Friday tracking weakness in the global markets. On Thursday, the major indices of the American stock markets sank.
The banking and IT stocks faced heavy selling pressure. Axis Bank fell 4.11 percent to Rs 673.20, while Bajaj Finance slumped 4.91 percent to Rs 6000.95. Bajaj Finserv tumbled 3.49 percent to Rs 13643.50 and HDFC fell 2.84 percent to Rs 2151.35.
Wipro tumbled 3.12 per cent to Rs 485.40, Infosys 2.64 percent to Rs 1543.45 and TCS slipped 2.29 percent to Rs 3433.
Only six of the 30 scrips that are included in the benchmark Sensex closed in green. Tech Mahindra rose 2.21 percent to Rs 1291.50, Power Grid Corporation climbed 1.88 percent to Rs 238.25, and ITC, SBI, NTPC and Sun Pharma also closed in the positive.
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-PTC News
