Business

Sensex tumbles 549 points; Nifty drops below 14,450


Tech Mahindra was the top loser in the Sensex pack.

Equity benchmark Sensex plunged 549 points on Friday, dragged by losses in index majors Infosys, HDFC and ICICI Bank amid a largely negative trend in global markets.

Profit-booking at higher levels kept benchmark indices volatile, traders said.

The 30-share BSE index ended 549.49 points or 1.11% lower at 49,034.67.

Similarly, the broader NSE Nifty tumbled 161.90 points or 1.11% to 14,433.70.

Tech Mahindra was the top loser in the Sensex pack, shedding over 4%, followed by HCL Tech, ONGC, Asian Paints, UltraTech Cement and HDFC.

On the other hand, Bharti Airtel, ITC, Bajaj Auto and Bajaj Finance were the gainers.

According to Binod Modi, Head-Strategy at Reliance Securities, domestic equities witnessed sharp pullback with increased volatility.

“However, we are not surprised with the day’s fall as this was broadly expected as benchmark indices had been marking fresh highs for last couple of days, which made valuations quite stretched,” he said.

He also noted that any meaningful correction is likely to be bought out in the subsequent period as underlying strength of the market remains intact.

Elsewhere in Asia, bourses in Shanghai and Hong Kong ended on a positive note, while Seoul and Tokyo were in the red.

Stock exchanges in Europe were also trading in the negative territory in early deals.

Meanwhile, the global oil benchmark Brent crude was trading 1.77% lower at USD 55.42 per barrel.

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