Sensex drops more than 537 points on profit booking in IT and financial stocks

Benchmark Sensex and Nifty stock indices fell nearly 1% on Wednesday on profit taking in financial and IT stocks after a recent rally.

The 30-stock BSE Sensex fell 537.22 points or 0.94% to end at 56,819.39. During the day, it tumbled 772.57 points or 1.34% to 56,584.04.

The NSE Nifty fell 162.40 points or 0.94% to 17,038.40.

In the Sensex pack of 30 stocks, Bajaj Finance, Bajaj Finserv, ICICI Bank, Titan, Dr Reddy’s, Wipro, State Bank of India, Infosys, Maruti and UltraTech Cement emerged as the main laggards.

On the other hand, Tata Steel, Asian Paints, HCL Technologies, TCS, Kotak Mahindra Bank, Reliance Industries and HDFC Bank were the winners.

Asian markets were mixed, with Tokyo and Seoul down more than 1%, while Hong Kong and Shanghai ended higher.

European markets were trading in the green in the afternoon session.

Shares in the United States had ended sharply lower on Tuesday.

The Sensex jumped 776.72 points or 1.37% to end at 57,356.61 on Tuesday. The Nifty rallied 246.85 points or 1.46% to 17,200.80.

Meanwhile, international crude oil benchmark Brent gained 0.89% to $105.81 a barrel.

Foreign institutional investors continued their selling frenzy, unloading shares worth ₹1,174.05 crore on Tuesday, according to stock market data.