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Sensex slumps 361 points; Nifty ends below 17,550

By PTI
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Mumbai, Oct 1: Extending its losses for the fourth straight session, equity benchmark Sensex tumbled 361 points on Friday, weighed by HDFC twins, ICICI Bank and TCS amid a weak trend in global markets.

The 30-share BSE index ended 360.78 points or 0.61 per cent lower at 58,765.58. Similarly, the NSE Nifty declined 86.10 points or 0.49 per cent to 17,532.05. Bajaj Finserv was the top loser in the Sensex pack, shedding over 3 per cent, followed by Maruti, Bharti Airtel, Asian Paints, Bajaj Finance and HDFC. On the other hand, M&M, Dr Reddy's, UltraTech Cement and PowerGrid were among the gainers. Benchmark indices fell for the fourth consecutive day on weak global cues, said Binod Modi, Head - Strategy at Reliance Securities.

Heavy selling pressure on financials (excluding PSU banks) and IT dragged the index. However, buying was seen in pharma, metals and PSU banks, he noted. He added that better-than-expected sales volume for select automobile companies enabled Nifty Auto index to recover from day's low, while investors preferred to book some amount of profit in the IT space ahead of September quarter earnings beginning from next week.

Elsewhere in Asia, bourses in Tokyo and Seoul ended in the red. Shanghai and Hong Kong markets were closed for a holiday. Equities in Europe were also trading with significant losses in mid-session deals. Meanwhile, international oil benchmark Brent crude fell 0.47 per cent to USD 77.94 per barrel.

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Sensex slumps 361 points; Nifty ends below 17,550

Mumbai, Oct 1: Extending its losses for the fourth straight session, equity benchmark Sensex tumbled 361 points on Friday, weighed by HDFC twins, ICICI Bank and TCS amid a weak trend in global markets.

The 30-share BSE index ended 360.78 points or 0.61 per cent lower at 58,765.58. Similarly, the NSE Nifty declined 86.10 points or 0.49 per cent to 17,532.05. Bajaj Finserv was the top loser in the Sensex pack, shedding over 3 per cent, followed by Maruti, Bharti Airtel, Asian Paints, Bajaj Finance and HDFC. On the other hand, M&M, Dr Reddy's, UltraTech Cement and PowerGrid were among the gainers. Benchmark indices fell for the fourth consecutive day on weak global cues, said Binod Modi, Head - Strategy at Reliance Securities.

Heavy selling pressure on financials (excluding PSU banks) and IT dragged the index. However, buying was seen in pharma, metals and PSU banks, he noted. He added that better-than-expected sales volume for select automobile companies enabled Nifty Auto index to recover from day's low, while investors preferred to book some amount of profit in the IT space ahead of September quarter earnings beginning from next week.

Elsewhere in Asia, bourses in Tokyo and Seoul ended in the red. Shanghai and Hong Kong markets were closed for a holiday. Equities in Europe were also trading with significant losses in mid-session deals. Meanwhile, international oil benchmark Brent crude fell 0.47 per cent to USD 77.94 per barrel.

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