Sensex ended down 360 points at 70700 after an initial 741 points crash.

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MUMBAI: In the banking-finance sector, HDFC Bank's weak performance led to sell-off in cautious funds and sell-off in IT stocks on the back of weak IT company Tech Mahindra, with a $6 trillion wash in Chinese stocks despite rising US bond yields and stimulus measures in China. The Sensex initially fell by 741.27 points to a low of 70319.04. Of course, the banking frontline stocks including ICICI Bank, IndusInd Bank, Bajaj Finance, Bajaj Finserv and finally Reliance lost half and finally closed down by 359.64 points to close at 70,700.67. The Nifty 50 spot also fell by 206.90 points to a low of 21247.05 at the beginning of the day, then halved the decline and finally closed down 101.35 points at 21352.60.

Gaps in IT-Software Stocks

Funds sold again on weak results in IT-software services, technology stocks today. Tech Mahindra's quarterly net profit fell 61 per cent to Rs 1,321.60 as shares traded down Rs 86.15. LTI Mindtree fell by Rs 129.45 to Rs 5,492.10, Emphasis by Rs 54 to Rs 2,523.10. were While Nelco increased by Rs.37.80 to Rs.820, 63 Moons Technology increased by Rs.14.50 to Rs.417.75, Subex increased by Rs.1.73 to Rs.36.97. The BSE IT index fell by 463.77 points to close at 37199.97.

Bank stocks retreat

In banking stocks, HDFC Bank fell by Rs 20.55 to Rs 1435.30, Axis Bank fell by Rs 15.65 to Rs 1043.10, Kotak Mahindra Bank fell by Rs 21.70 due to continued weak results in HDFC Bank. Rs.1767.30, State Bank of India decreased by Rs.5.40 to Rs.612.90. While ICICI Bank increased by Rs.10.70 to Rs.1009.90, IndusInd Bank increased by Rs.14.85 to Rs.1505.45. The BSE Bankex index fell by 296.92 points to close at 50744.82.

Profit booking in healthcare stocks

The BSE Healthcare index fell 297.13 points to 32977.70 as healthcare-pharmaceuticals companies traded in overall profitable selling today. Biocon fell by Rs.6.30 to Rs.258.15. While Newland Lab increased by Rs.444.60 to Rs.6050, RPG Life increased by Rs.46.50 to Rs.1611.15, Glenmark Life increased by Rs.33.90 to Rs.832.65.

Selective rally in capital goods stocks

Funds were buying selectively in capital goods-power stocks today. BHEL increased by Rs.10 to Rs.219.95, Rail Vikas increased by Rs.3.35 to Rs.302.10. While Adani Power increased by Rs.14.30 to Rs.533.95, Adani NG increased by Rs.22.10 to Rs.1059.05, NHPC increased by Rs.3.31 to Rs.83.62, Adani Green NG increased by Rs.14.20. increased to Rs.1654.35, Tata Power increased by Rs.6.55 to Rs.363.50, NTPC increased by Rs.5.80 to Rs.314.95.

A sell-off in mid-cap stocks

Market breadth remained positive today with funds, players selling in small cap stocks and buying in many stocks of the mid cap, A group. Out of the total 3899 scrips traded in BSE, the number of gainers was 2083 and the number of decliners was 1725.

2144 Crore sale of FIIs

FIIs had a net sale of Rs.2144.06 crore in cash today-Thursday. While DII-domestic institutional investors had a net purchase of Rs.3474.89 crore shares today.

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