Shares dip nearly 1% on profit booking

FIIS CONTINUED THEIR SELLING SPREE, OFFLOADING SHARES WORTH ₹1,174.05 CRORE DURING THE DAY

MUMBAI: Benchmark stock indices Sensex and Nifty tumbled nearly 1% on Wednesday on profit booking in financial and IT stocks after a recent rally.

The 30-share BSE Sensex tumbled 537.22 points or 0.94% to end at 56,819.39. During the day, it tanked 772.57 points or 1.34% to 56,584.04. The NSE Nifty declined by 162.40 points or 0.94% to 17,038.40.

From the 30-share Sensex pack, Bajaj Finance, Bajaj Finserv, ICICI Bank, Titan, Dr Reddy’s, Wipro, State Bank of India, Infosys, Maruti and UltraTech Cement emerged as the major laggards. Tata Steel, Asian Paints, HCL Technologies, TCS, Kotak Mahindra Bank, Reliance Industries and HDFC Bank were the gainers.

Asian markets were mixed, with Tokyo and Seoul settling over 1% lower, while Hong Kong and Shanghai ended higher.

Markets in Europe were trading in the green in the afternoon session.

Stocks in the US had ended significantly lower on Tuesday.

Global stocks were hurt by news of Russia cutting gas supplies to Eastern Europe, prospects of aggressive US interest rate hikes, worries over skyhigh inflation and stringent covid-related curbs in China.

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.

Foreign institutional investors continued their selling spree, offloading shares worth ₹1,174.05 crore on Tuesday, according to stock exchange data.

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