Markets fall for third day as IT sell-off continues; Sensex dips 159 points

Benchmark indices fell for a third consecutive day on Wednesday as the rout in technology stocks continued. The Sensex fell 159 points, or 0.3 per cent, to close at 59,568, while the Nifty 50 index declined 0.23 per cent, or 41 points, to 17,619. The Nifty IT index fell 1.8 per cent on concerns over the growth outlook for the sector amid a slowdown in the US and European markets. 

In the past three trading sessions, the Sensex has decl­in­ed 863 points, or 1.4 per cent. The latest round of selling follows nine straight days of gains during which the bench­m­ark indices had rallied nearly 5 per cent. 
 

 

“The recent dismal earnings show from select frontline IT companies has been a sour point which has led to a broad-based selling,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.