Sensex slips 114 points; IT, FMCG stocks slump

The Indian stock market's benchmark Sensex was trading 114 points down in the afternoon session on Wednesday dragged by heavy selling pressure in IT and FMCG stocks.

The 30 stock S&P BSE Sensex was trading 113.63 points or 0.21 per cent down at 53,938.98 points at 12.39 pm, against its previous day's close at 54,052.61 points.

Earlier, the Sensex started in the positive at 54,254.07 points and surged to a high of 54,379.59 points in the morning trade.

The markets started witnessing selling pressure from around noon. The Sensex fell to a low of 53,835.01 points.

This is the third consecutive session of weakness in the markets. The Sensex had lost 236 points or 0.43 per cent on Tuesday.

The broader Nifty 50 of the National Stock Exchange was trading 37.85 points or 0.23 per cent down at 16,087.30 points.

The Nifty 50 started the day in the positive at 16,196.35 points and rose to a high of 16,223.35 points in the morning trade. The Nifty had lost 89.55 points or 0.55 per cent on Tuesday.

There was heavy selling pressure in IT stocks. Tech Mahindra tumbled 4.59 per cent to Rs 1047.60. Wipro slumped 3.15 per cent to Rs 445.55. TCS fell 2.86 per cent to Rs 3194. Infosys slipped 1.81 per cent to Rs 1415.10.

Asian Paints slumped 5.62 per cent to Rs 2913. Power Grid Corporation, L&T, State Bank of India, Tata Steel, Mahindra & Mahindra and Maruti Suzuki were among the major Sensex losers.

There was good buying support in private banks. Kotak Bank surged 2.59 per cent to Rs 1929.50. ICICI Bank rose 1.04 per cent to Rs 715.45. HDFC Bank was trading 0.65 per cent higher at Rs 1327.55. Nestle India, NTPC, HDFC, Bajaj Finance and ITC were among the major Sensex gainers.

( With inputs from ANI )

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