Sensex tumbles 334 pts; Nifty drops below 15,650; L&T, Reliance Industries, Bajaj Finserv top losers

Sensex closed 333.93 points lower at 51,941 and Nifty slipped 104.75 points to 15,635

Sensex fell 334 points on Wednesday, tracking losses in index heavyweights such as Reliance Industries, ICICI Bank and L&T amid a weak trend in global markets. Sensex closed 333.93 points lower at 51,941 and Nifty slipped 104.75 points to 15,635.

L&T was the top Sensex loser, falling around 1.80 per cent, followed by Reliance Industries, Bajaj Finserv, IndusInd Bank, SBI, Maruti, Axis Bank and Bajaj Auto.

On the other hand, PowerGrid, NTPC, Titan, HCL Tech and Asian Paints were among the gainers rising up to 3.42%.

Of 30 Sensex stocks, 22 ended in the red.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities said, "Today, strong rejection at 15800/52500 levels resulted in a vertical decline in the market. The Nifty/Sensex fell to 15,565/51,717 in a short span of time. It's a bearish reversal formation for the market and in the next one or two sessions, the market may fall to 15,500 or 15,450 (51600/51300) levels. The sell-off was mainly in small-cap and mid-cap stocks, which had seen strong momentum over the past few weeks, while other sectors too displayed weakness today. Buy in select companies, if Nifty falls to 15500/15450 (51600/51300) levels."

BSE midcap and small cap indices fell 162 points and 235 points, respectively.

Market cap on BSE fell to Rs 227.85 lakh crore.

Market breadth was negative with 1,741 stocks falling against 1,445 shares ending higher on BSE.

Meanwhile, rupee declined 8 paise to end at 72.97 against the US currency in its second straight day of losses amid a lacklustre trend in domestic equities. At the interbank foreign exchange market, the rupee opened on a negative note at 72.90 per dollar as against its previous close of 72.89. It hovered in the range of 72.88 to 73.02 per dollar during the day.

The domestic currency has lost 17 paise in the last two trading sessions.

Further, Asian markets also traded weak today mainly reacting on higher-than-expected jump in China's producer price index at 9 per cent for May.

Elsewhere in Asia, bourses in Seoul, Tokyo and Hong Kong closed in the red, while Shanghai ended with gains.

Equities in Europe were also trading on a negative note in mid-session deals.

International oil benchmark Brent crude was trading 0.36 per cent higher at USD 72.48 per barrel.