Sensex dropped 312 points, IT and banking stocks lowered too

• Image Credit: Internet

• May 2, 2022 | Dhupali Das

At 12.54 pm, the 30 stock S&P BSE Sensex was trading 312.71 points, or 0.55 per cent, lower at 56,748.16 points, compared to 57,060.87 points at the close of the previous session.

Digital Desk: In the afternoon session on Monday, the Indian stock market's benchmark Sensex was trading 312 points lower due to being pulled down by severe selling pressure in IT and financial companies.

At 12.54 pm, the 30 stock S&P BSE Sensex was trading 312.71 points, or 0.55 per cent, lower at 56,748.16 points, compared to 57,060.87 points at the close of the previous session.

The Sensex opened with severe cuts at 56,429.45 points and plummeted to a low of 56,412.62 points in morning trade, tracking the downturn in global stocks. Later in the day, Sensex recovered some of its losses. The stock reached a high of 56,919.31 points.

The benchmark Sensex has dropped sharply for the second session in a row. On Friday, the last trading day, the index had dropped 460.19 points or 0.80%.

The National Stock Exchange's broader Nifty 50 index was down 89.70 points, or 0.52 per cent, at 17,012.85 points, compared to its previous session's close of 17,102.55 points.

In the morning trade, the Nifty opened in the red at 16,924.45 points and fell to 16,917.25 points. The Nifty reached a new all-time high of 17,046.25 points.

Wipro's losses widened after the company reported poor fourth-quarter earnings.

Wipro was trading at  2.98 per cent down at Rs 493.85, its lowest level in nearly 52 weeks. The stock has lost about 18% of its value in the last month. Wipro shares saw further selling pressure on Monday after the business reported a meagre 3.85 per cent growth in net profit year over year over the weekend.

The stock of Infosys fell 2.10 per cent to Rs 1535. The stock of Tech Mahindra fell 2.26 per cent to Rs 1228.15. The stock of HCL Technologies fell 1.43 per cent to Rs 1063.50.

Selling pressure was also seen in banking stocks. The stock of State Bank of India fell 1.95 per cent to Rs 486.80. The stock of Kotak Bank fell 1.74 per cent to Rs 1757.80.

Meanwhile, IndusInd Bank climbed by 3.80 per cent to Rs 1015.40.

Ten of the 30 stocks that make up the Sensex benchmark were trading in the green. The major Sensex gainers included NTPC, ITC, Power Grid Corporation, HDFC, and Ultra Tech Cement.