Sensex trims losses; IT stocks slump, Infosys dips 4 per cent

MUMBAI: The Indian stock market's key indices trimmed their losses in the afternoon session with the benchmark Sensex gaining around 1,000 points from its day's low on the back of good buying support in banking stocks.

The 30 stock S&P BSE Sensex was trading 157 points or 0.26 per cent down at 60,414.08 points against its previous day's close at 60,571.08 points.

Tracking weakness in the global indices, the benchmark Sensex started the day sharply down at 59,417.12 points. However, the index recouped its losses in the afternoon session rising to a high of 60,501.02 points.

The market is trading in the red after four days of the rally. The Sensex had gained 455.95 points or 0.76 per cent on Tuesday. The broader Nifty 50 of the National Stock Exchange was trading 32.90 points or 0.18 per cent down at 18,037.15 points.

The Nifty started the day sharply down at 17,771.15 points. However, the buying support in banking and financial stocks helped Nifty regain 18,000 points mark level again.

The Nifty rose to a high of 18,047.70 points in the afternoon session. The Nifty had gained 133.70 points or 0.75 per cent on Tuesday. IT stocks slumped. Infosys dipped 4.25 per cent to Rs 1479.35. Tata Consultancy Services slumped 3.13 per cent to Rs 3128.30.

Tech Mahindra dipped 2.91 per cent to Rs 1114. HCL Technologies slumped 2.23 per cent to Rs 934.25. The index heavyweight Reliance Industries Limited was trading 0.54 per cent down at Rs 2606. There was good buying support in banking and financial stocks.

IndusInd Bank surged 4.96 per cent to Rs 1221.95. State Bank of India soared 2.62 per cent to Rs 572.90. NTPC, Bajaj Finance, Bajaj Finserv, Power Grid Corporation, ITC, Mahindra & Mahindra and ICICI Bank were among the major Sensex gainers.