Sensex tanks 655 pts on strong selling pressure

Key equity indices further extended losses and hit fresh intraday low in mid afternoon trade. Banks, financial services and FMCG stocks dragged. The Nifty slipped below 17,250 level. Media and realty stocks bucked broader selling pressure.

At 13:30 IST, the barometer index, the S&P BSE Sensex, dropped 655.49 points or 1.21% at 57,805.83. The Nifty 50 index tumbled 178.15 points or 1.02% to 17,223.25.

The broader market outperformed the main indices. The S&P BSE Mid-Cap index rose 0.01% while the S&P BSE Small-Cap index gained 0.45%.

Buyers outpaced sellers. On the BSE, 1,778 shares rose and 1,423 shares fell. A total of 147 shares were unchanged.

Broader Market Gainers:

Indian Hotels Company (up 4.35%), Aditya Birla Capital (up 3.73%), ICICI Securities (up 2.99%), Tata Communications (up 2.21%) and 3M India (up 2.21%) were top gainers in Mid Cap space.

Ramco Systems (up 20%), Neogen Chemicals (up 16.43%), Indian Energy Exchange (up 6.33%), Amber Enterprises (up 5.87%) and Happiest Minds Technologies (up 5%) were top gainers in small cap space.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 6.364% compared with 6.352% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 75.095, compared with its close of 75.02 during the previous trading session.

MCX Gold futures for 4 February 2022 settlement rose 0.32% to Rs 47,553.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.12% to 96.273.

In the commodities market, Brent crude for February 2022 settlement rose $2.1 or 3.01% to $71.77 a barrel.

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