Sensex slumps over 1k pts to slip below 71k, Nifty tumbles

Equity benchmark index Sensex tumbled 1,053 points to close below the 71,000 level on Tuesday, dragged down by index heavyweights HDFC Bank, Reliance Industries and SBI amid mixed global cues.Concerns over subdued quarterly performance by corporates triggered selling pressure in most of the counters, according to traders.After opening with gains of nearly 450 points, the 30-share BSE Sensex fell 1,053.10 points or 1.47 per cent to settle at 70,370.55. The index hit the lowest intraday level of 70,234.55. It also touched an intraday high of 72,039.20. A total of 24 stocks of the 30-share index closed with losses.
The losses faced by the benchmark indices were a result of a downturn in heavyweight banking and financial stocks, triggered by a sustained slide in HDFC Bank stocks. It may be noted that the Nifty Bank index was down over 2.2 per cent, while the Nifty Financial Services index fell nearly 2 per cent.The top five gainers on the Nifty50 were Cipla, Sun Pharma, Bharti Airtel, ICICI Bank and Dr Reddy's. On the other hand, the top losers were IndusInd Bank, Coal India, SBI Life, ONGC and Adani Ports. The domestic equity market was closed on January 22 due to the consecration ceremony in Ayodhya,

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)