Business

Sensex falls for second straight day, IT stocks lead decline

The S&P BSE Sensex fell 236 points, or 0.43%, to 54,052.61 points, marking a decline for the second consecutive day this week.

The S&P BSE Sensex fell 236 points, or 0.43%, to 54,052.61 points, marking a decline for the second consecutive day this week. | Photo Credit: KUNAL PATIL

Benchmark stock indices on Tuesday fell close to half a percent, led by losses in IT stocks.

The S&P BSE Sensex fell 236 points, or 0.43%, to 54,052.61 points, marking a decline for the second consecutive day this week.

Stocks that slid the most were Tech Mahindra at 3.92%, Hindustan Unilever (2.98%), Asian Paints (2.76%), HCL Tech (2.57%), NTPC (2.10%) and Infosys (1.87%).

The National Stock Exchange’s Nifty50 index dipped 89.55 points, or 0.55%, to 16,125.15.

Markets had traded volatile in line with the prevailing consolidation phase, said Ajit Mishra, VP, Research, Religare Broking Ltd. “A mixed trend across sectors kept participants busy wherein IT, metal and realty were among the top losers. The broader markets underperformed as both midcap and smallcap ended with losses of 0.9% and 1% respectively,” he added.

“Indications are in the favour of further consolidation in the index.... In absence of any major event, global cues, earnings and upcoming derivatives expiry will be in focus,” he pointed out.

Ruchit Jain, Lead Research, 5paisa.com, said, “The IT space continued its correction which validates our recent view on extension of the corrective phase in this sector.”


Our code of editorial values

This article is closed for comments.
Please Email the Editor

Printable version | Jun 16, 2022 1:51:10 am | https://www.thehindu.com/business/sensex-falls-for-second-straight-day-it-stocks-lead-decline/article65457501.ece