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Sensex Slides 330 Points, Nifty Below 17,250; IT Stocks Worst Hit


 New Delhi: Key equity benchmark Sensex plunged 329 points on Wednesday, tracking losses in index majors Infosys, Bajaj Finance, and HDFC amid a mixed trend in global markets.

The 30-share index slumped 329 points (0.57 per cent) to end at 57,788. Similarly, the NSE Nifty dropped 103 points (0.60 per cent) to 17,221.

PowerGrid Corporation, TCS, Tata Steel, Titan, HCL Technologies, HDFC, Dr Reddy’s, Infosys, and ICICI Bank were the other notable losers.

Heavyweight shadow lenders Bajaj Finance and Bajaj Finserv slipped 2 per cent and 1.2 per cent, respectively.

On the other hand, Sun Pharma, Kotak Bank, M&M, Maruti, and L&T were among the gainers.

Paytm stock, which witnessed a dismal debut last month, was trading at Rs 1,269 early on Wednesday, compared to the offer price of Rs 2,150, and its shares crashed more than 27 per cent in India’s largest public offering (IPO) last month. Since the listing on November 22, the stock has clocked losses for 13 of the 18 sessions.

According to some analysts, the firm’s expensive valuations as the reason behind the plunge in its stock price.

Meanwhile, SpiceJet rose as much as 3.4 per cent after the budget airline said it entered a settlement agreement with a Canadian aircraft manufacturer.

According to analysts, weak global cues and continued foreign fund outflow are weighing on market sentiment.

Elsewhere in Asia, bourses in Shanghai and Hong Kong ended with losses, while Tokyo and Seoul were positive.

Stock exchanges in Europe were also trading on a mixed note in mid-session deals.

Meanwhile, international oil benchmark Brent crude fell 0.90 per cent to $73.04 per barrel.


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