Sensex, Nifty fall over 1% as markets extend losses for third day

NEW DELHI: Equity indices plunged for the third straight session on Thursday with the benchmark BSE sensex falling over 600 points dragged by losses in IT and pharma stocks.
The 30-share fell 634 points or 1.06 per cent to close at 59,465; while the broader NSE Nifty settled 181 points or 1.01 per cent lower at 17,800.
Top losers in the sensex pack included Bajaj Finserv, Infosys, TCS, Sun Pharma and HUL with their shares falling as much as 4.57 per cent.
Whereas, Power Grid, Bharti Airtel, Asian Paints and Maruti were the major gainers.
On the NSE platform, sub-indices Nifty IT, Pharma and FMCG fell 1.66 per cent.
“The market may correct till 17,500 after such a sharp run-up in such a short time,” Samrat Dasgupta, CEO at Esquire Capital Investment Advisors told news agency Reuters, referring to the Nifty 50 index’s levels.
With IT firms reporting mostly strong numbers last week, investors would look at the current dip as a buying opportunity, Dasgupta said, adding that investors would likely stay on the sidelines as the budget approaches.
Beisdes, the continued flight of foreign capital from Indian markets also affected the market sentiment, traders said.
Foreign institutional investors (FIIs) were net sellers in the capital market, as they sold shares worth Rs 2,704.77 crore on Wednesday, according to stock exchange data.
(With inputs from agencies)

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