Sensex tumbles 648 points; RIL, TCS, Infosys slump

MUMBAI: The Indian stock market's key indices were trading with huge losses for the third straight day on Friday with the benchmark Sensex down by around 700 points in the afternoon session dragged by heavy selling pressure in IT and energy stocks. The 30 stock S&P BSE Sensex was trading 647.72 points or 1.08 per cent down at 59,286.29 points against its previous day's close at 59,934.01 points.

Earlier, the Sensex started the day in the red at 59,585.72 points. The index slumped to a low of 59,154.73 points in the intra-day. This is the third straight day of the slump in the Indian equities markets. The Sensex had lost 412.96 points or 0.68 per cent on Thursday.

The broader Nifty 50 of the National Stock Exchange was trading 208.50 points or 1.17 per cent down at 17,668.90 points against its previous day's close at 17,877.40 points. The Nifty had lost 126.35 points or 0.7 per cent on Thursday.

IT stocks witnessed heavy selling pressure for the third straight day. Tech Mahindra slumped 3.33 per cent to Rs 1046.45. Infosys tumbled 2.53 per cent to Rs 1395.85. Tata Consultancy Services dipped 2.50 per cent to Rs 3026.65. The index heavyweight Reliance Industries Limited was trading 1.97 per cent down at Rs 2511.40.

Mahindra & Mahindra, UltraTech Cement, Wipro, Nestle India, HCL Technologies, Maruti Suzuki and State Bank of India were among the major Sensex losers. IndusInd Bank surged 3.60 per cent to Rs 1239.15. The scrip surged after the re-appointment of Sumant Kathpalia as managing director (MD) and chief executive officer (CEO).

The Board of Directors of IndusInd Bank at its meeting held on September 15, 2022, approved the re-appointment of Sumant Kathpalia as the Managing Director & CEO of the Bank, for a further period of three years, with effect from March 24, 2023, up to March 23, 2026. The re-appointment is subject to the approval of the Reserve Bank of India and the Shareholders of the Bank, IndusInd Bank said in a regulatory filing to the stock exchanges on Thursday.

Only four of the 30 scrips that are part of the benchmark Sensex were trading in the positive. Sun Pharma, Titan and Kotak Bank were trading in the positive.