Sensex tanks 575 points; HDFC, TCS, RIL, slump

The Indian equities markets key indices, Sensex and Nifty, slumped for the third straight day on Thursday dragged by heavy selling pressure in heavyweights Reliance Industries, TCS, and HDFC Bank.

The 30 stock S&P BSE Sensex closed 575.46 points or 0.97 per cent down at 59,034.95 points against its previous day's close at 59,610.41 points.

Earlier, the Sensex opened in the negative at 59,402.61 points and slumped to a low of 58,977.35 points in the intra-day.

This is the third straight day of loss in the benchmark index. The Sensex had lost 566.09 points or 0.94 per cent on Wednesday.

HDFC and HDFC Bank fell sharply for the third straight day after the announcement of merger deals. HDFC slumped 2.91 per cent to Rs 2462.65. HDFC Bank dipped 2.19 per cent to Rs 1516.90.

The share price of HDFC Bank and HDFC had surged by around 10 per cent on Monday shortly after the merger deals were announced. However, in the last three days, these stocks have lost the gains made on the day when merger deals were announced.

The broader Nifty 50 of the National Stock Exchange slumped 168.10 points or 0.94 per cent to 17,639.55 points. The Nifty had lost 149.75 points or 0.83 per cent on Wednesday.

Titan slumped 3.24 per cent to Rs 2458.95. Wipro slipped 2.13 per cent to Rs 580.90.

The index heavyweight Reliance Industries Limited (RIL) fell 1.82 per cent to Rs 2571.75. Tata Consultancy Services (TCS) fell 1.90 per cent to Rs 3684.95.

Axis Bank surged 2.31 per cent to Rs 791.50. ICICI Bank rose 1.12 per cent to Rs 749.05. Hindustan Unilever, Mahindra & Mahindra, Dr Reddy's Laboratories, Tech Mahindra and Sun Pharma were among the major Sensex gainers.

( With inputs from ANI )

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