Sustained selling in IT makes Sensex slide 294 points, Nifty below 7,500

Key benchmark indices extended their losses, with the Sensex falling 294 points and the Nifty 69 points, weighed down by sustained selling mainly in IT and technology.

The BSE Sensex opened higher before quoting at 24,499.57 at 1221 hours, down 294.39 points or 1.19 per cent.

The NSE Nifty-50 was also down by 68.65 points, or 0.91 per cent, at 7,463.15 at 1221 hours.

Major losers were Infosys 2.65 per cent, Reliance 1.88 per cent, Larsen 1.78 per cent and Bhel 1.63 per cent.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 462.86 crore yesterday, as per provisional data released by the stock exchanges.

Most other Asian stocks edged higher after New Zealand surprised markets with a rate cut, keeping investors primed for more stimulus from the European Central Bank (ECB) later today.

Global policymakers are stepping up efforts to revive their weak economies. A rebound in the price of oil, a source of recent anxiety, also calmed investor nerves.

US stocks closed modestly higher yesterday as a rally in oil prices and sharp advances in energy and technology stocks kept the main indices upbeat.