New Delhi, India (BBN)-The BSE benchmark Sensex fell over 150 points to break its important psychological level of 27,500 on the back of broad-based selling.
The 50-share Nifty slipped below its crucial psychological level of 8,300 led by losses in heavyweight stocks such as Tata Motors, Tech Mahindra, Mahindra & Mahindra, HUL, Infosys and Wipro, reports BBN.
The global cues were also negative as overnight the Dow Jones, S&P 500 and Nasdaq closed lower and Asian markets also fell in morning deals on concerns that the US Federal reserve may hike its interest rates later this year. hence triggering a selloff in equities globally.
Meanwhile, selling pressure was visible across the sectors. Auto, IT, banking and realty stocks were leading the losses.
Tech Mahindra was the top Nifty loser, its shares fell as much as 14 per cent to Rs 554 as the outsourcer missed profit estimates in the March quarter.
Most frontline IT stocks fell tracking Tech Mahindra’s weak earnings.
Tata Motors shares also fell over 5 per cent to Rs 470 after the company reported a surprise 56 per cent drop in quarterly net profit to Rs 1,717 crore hit by cooling demand for its sleek Jaguar saloons and sporty Range Rovers in the key Chinese market.
The results were below the Street estimates. Analysts had expected Tata Motors to report net profit of Rs 4,092.
Vedanta, Wipro, Mahindra & Mahindra, Infosys, Hindalco, GAIL India, Hindustan Unilever, Dr Reddy’s Labs, HDFC, Tata Power, HDFC Bank, Punjab National Bank and Reliance Industries were also among the losers on the Nifty.
As of 9:35 am, the Sensex was down 114 points at 27,415 and the Nifty fell 48 points to 8,291.