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| Edited By: |Source: PTI |Updated: Mar 30, 2018, 03:33 AM IST
The BSE benchmark Sensex dropped by 228 points today, the most in over one month, on brisk selling in IT and financial stocks.
The Bombay Stock Exchange's 30-share barometer, which moved in a very narrow range for the most part of trade, ended at 20,315.32 points, down by 227.76 points, or 1.11%.
The wide-based 50-share Nifty Index of the National Stock Exchange too shed 1.07% to settle at 6,120.30 points.
Market started the day on a firm note and was moving in a narrow range till afternoon session but profit booking in the last hour of session dragged indices down and settled at near the day's low level.
Even a marginal decline in food inflation also failed to enthuse investors. Food inflation fell by 0.20% points to 16.24 per cent for the week ended September 25, from 16.44% in the previous week.
"Market has been rising at a very fast pace in the recent time mainly on the back of huge FII inflows and investors do not want to miss any opportunity to book profit at the higher level," SMC Global Securities CMD SC Aggarwal said, adding that "next trigger for market is September quarter results".
IT bellwether Infosys lost 1.5%, TCS 1% and Wipro 1.42%.
Equity analysts said IT sector is facing some pressure on continuous appreciation of the rupee.
Reliance Industries, which holds maximum weight in the Sensex, closed 0.58% lower at Rs1,038.5.
Banking was another sector that dragged the broader market down. HDFC plunged by 2.5%, HDFC Bank by 0.91%, ICICI Bank by 1.27% and State Bank of India by 0.48%.
Marketmen said fund houses were also cautious ahead of the US job data. European stocks were flat in afternoon trade.
In the BSE-30 pack, 23 stocks ended with loss, while 7 companies closed in the green.
With a loss of 4.20%, Tata Steel led the losers pack. Jindal Steel fell by 2.02% and Sterlite Industries by 0.90%. However, Hindalco bucked the trend and ended higher by 0.62%.
Except pharma, all the sectoral indices on the BSE closed in the red, with realty, metal and IT leading the losses.
DLF dropped 3%, L&T 1.63% and M&M 1.88%.
In the gainers pack, Tata Power surged 2.48%--the most in the Sensex pack, RCom by 0.68% and its rival Bharti Airtel by 0.51% and Cipla 1.16%.
