INSUBCONTINENT EXCLUSIVE:
The S-P BSE Sensex and NSE Nifty 50 indexes snapped two days of gains on Monday as banking, financial services, energy, telecom and metal
shares came under selling pressure
The benchmarks traded on a strong note for most part of the day, supported by gains in information technology shares
However, they erased gains in last hour of trade wherein Sensex dropped as much as 656 points from its highest level recorded during the
session and the broader NSE Nifty 50 benchmark briefly dropped below the 11,400 mark.The Sensex ended 98 points or 0.25 per cent lower at
38,757 and Nifty 50 fell 24 points or 0.21 per cent to close at 11,440.Six of 11 sector gauges compiled by the National Stock Exchange ended
lower, led by Nifty Bank index's 1.3 per cent decline
Nifty Financial Services, FMCG, metal, energy and pharma indexes ended lower.On the other hand, information technology shares witnessed
strong buying during the session after HCL Technologies informed exchanges that its revenue and operating margin for the September quarter
will be meaningfully better than it guided when it announced June quarter earnings
The Nifty IT index surged nearly 5 per cent to a record high.Media and real estate shares also witnessed buying interest.Mid- and small-cap
funds.Bharti Airtel was top Nifty loser; the stock dropped 4 per cent to close at Rs 473
Bajaj Finance, BPCL, Power Grid, State Bank of India, Grasim Industries, Hindalco, Sun Pharma, HDFC, HDFC Bank, Kotak Mahindra Bank and Axis
Bank also fell 2-3 per cent each.On the flip side, HCL Technologies rallied 11 per cent to close at Rs 796
TCS, Wipro, Tech Mahindra, UPL, Infosys, Adani Ports, Tata Motors and Titan were among the other gainers.The overall market breadth was
positive as 1,828 shares ended higher while 928 closed lower on the BSE.
