The Indian equity benchmarks erased gains in noon deals on the back of selling pressure in Reliance Industries, Bajaj Finance, Infosys, HDFC, Tata Consultancy Services, Hindustan Unilever and Bajaj Finserv. The Sensex fell as much as 733 points from day’s highest level and Nifty 50 index dropped below its important psychological level of 17,450 after hitting an intraday high of 17,639. Investors were seen booking profits around intraday highs after a sharp ip move in the last five trading sessions, analysts said.
The Sensex was down 310 points at 58,476 and Nifty 50 index declined 71 points to 17,440 by 12:49 pm.
Tega Industries soared 68 per cent in its market debut. The stock opened at Rs 760 rupees, compared with the offer price of Rs 453, valuing the mining equipment maker at Rs 1,039 crore.
Eight of 15 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Media index’s 1.4 per cent fall. Nifty PSU Bank, Oil & Gas, FMCG and Financial Services indices were also trading with a negative bias.
On the other hand, information technology, metal and select private banking shares were witnessing buying interest.
Mid- and small-cap shares were outperforming their larger peers as Nifty Midcap 100 index rose 0.4 per cent and Nifty Smallcap 100 index advanced 0.2 per cent.
Bajaj Finance was top Nifty loser, the stock fell 2.7 per cent to Rs 7,252. Bajaj Finserv, Reliance Industries, Mahindra & Mahindra, Eicher Motors, Nestle India, Tata Consumer Products, Adani Ports, Bharat Petroleum, Bajaj Auto, Bharti Airtel and Indian Oil also fell between 1-2 per cent.
On the flipside, Axis Bank, Tech Mahindra, Hindalco, Power Grid, SBI Life, Wipro, Divi’s Labs and Tata Motors were among the gainers.
The overall market breadth was positive as 1,972 shares were advancing while 1,404 were declining on the BSE.