Sensex tanks 667.55 pts

Mumbai, May 29 (UNI) The equity market witnessed losing streak for the fourth consecutive session on Wednesday with the BSE Sensex slumping 667.55 pts to settle at 74,502.90 as heavy selling was seen in Bankex, Financial services, Utilities and IT stocks.

Uncertainty about Lok Sabha election results and timing of potential US rate cut too dampened the sentiments of investors.

The National Stock Exchange (NSE) fell 183.45 pts at 22,704.70.

The NSE registered days high and low at 22,825.50 and 22,685.45 pts respectively.

The market remained negative throughout the session as the Sensex dropped 344 pts to open at 74826.94 pts. It was crashed 716 pts at 74454.55, days low before closing at 74,502.90, tumbling down 667.55 pts from its previous close.

The stocks that dropped were Bankex by 1.37 pc followed by Financial Services by 1.32 pc, Oil and Gas by 0.95 pc and IT by 0.92 pc.

In 30 scrips, 6 advanced while 24 declined.

The Mid Cap slipped 0.38 pc while small Cap rose 0.23 pc.

The losers were Tech Mahindra by 2.26 pc to Rs 1287, Bajaj Finserv by 2 pc to Rs 1568, ICICI bank by 1.99 pc to Rs 1104.50, HDFC bank by 1.62 pc to Rs 1505.70 and Ultracemco by 1.46 pc to Rs 10020.10.

The gainers were Powergrid by 1.33 pc to Rs 316.95, Nestle India Ltd by 0.71 pc to Rs 2468.95, Sun Pharma by 0.58 pc to Rs 1473.40 and IT by 0.58 pc to Rs 431.40.

The Asian Market was also in red, as Hang Seng fell by 1.86 pc, Kospi by 1.70 pc, Taiwan Weighted by 0.90 pc and Strait times by 0.21 pc.

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