Sensex recoups 622-pt loss, ends 410 pts down; IT stocks worst hit

After a sharp selling pressure hit the benchmark indices in afternoon session, pushing them over 1 per cent lower, recovery was visible as investors lapped up stocks at lower levels. Negative global market cues and profit taking pushed both Sensex and Nifty lower for the first time in four days. Rise in US bond yield and crude oil price along with the Chinese crisis acted as key headwinds to the ongoing rally in the global market. 

The BSE Sensex after hitting a low of 59,045 in intra-day deals bounced back, recouping over half of the losses. It finally settled the day at 59,668, down 410 points. The Nifty, meanwhile, tumbled 107 points to end at 17,749. In the 30-pack index, only nine stocks closed higher, led by Power Grid, NTPC, Sun Pharma and Titan. Whereas Bharti Airtel, Tech Mahindra, Bajaj Finance and Bajaj Finserv were the top losers. 

The broader markets, too, declined in tandem with the benchmarks. The BSE Midcap index lost 0.71 per cent and the BSE Smallcap 0.62 per cent. The advance-decline ratio consequently worsened. 

In the sectoral space, barring three indices, namely Nifty PSU Bank, Nifty Pharma and Nifty Metal, all ended in the red. Losses in realty index post a sharp rally were the steepest, down 3.02 per cent. Investors also booked profits in IT names ahead of the earnings season, pushing index 2.2 per cent lower. Media, financial and private banking stocks too suffered losses.