Sensex tanks 471 points; Nifty drops below 14,700

MUMBAI: Extending its losses to the second session, equity benchmark Sensex slumped 471 points on Wednesday, dragged by selling in index majors ICICI Bank, HUL and Reliance Industries amid mixed cues from global markets.

The 30-share BSE index ended 471.01 points or 0.96 per cent lower at 48,690.80. Similarly, the broader NSE Nifty tumbled 154.25 points or 1.04 per cent to 14,696.50.

IndusInd Bank was the top loser in the Sensex pack, shedding over 3 per cent, followed by HUL, ONGC, ICICI Bank, Axis Bank, Kotak Bank, M&M and Tech Mahindra. On the other hand, Titan, Maruti, PowerGrid, SBI and NTPC were among the gainers.

"Indian indices extended its losses due to concerns over hike in global interest rates and bond yield due to rising commodity prices and inflationary pressure," said Vinod Nair, Head of Research at Geojit Financial Services.

All major indices closed in the negative terrain including metals while PSU banks and media stocks managed to stay afloat. International commodity prices will have to stabilise to provide sustenance in the equity market, he added.

Elsewhere in Asia, bourses in Shanghai and Hong Kong ended on a positive note, while Tokyo and Seoul were in the red. Stock exchanges in Europe were trading on a mixed note in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 0.50 per cent higher at USD 68.88 per barrel.