Sensex dips 709 points; Tata Steel, Reliance, Wipro slump

Mumbai: After a two-day hiatus, the Indian stock market's benchmark Sensex slumped 709 points on Wednesday dragged by a selloff in heavyweight Reliance Industries Limited.

The 30 stock S&P BSE Sensex slumped 709.54 points or 1.35 percent to 51,822.53 percent against its previous day's close at 52,532.07 points. Earlier, the Sensex started the day in the red at 52,186.36 points and slumped to a low of 51,739.98 points in the intra-day. The Sensex touched a high of 52,272.85 points in the intra-day.

The Sensex has slumped after two consecutive days of gains. The Sensex had gained 934.23 points or 1.81 percent on Tuesday.
The Sensex has closed in the red for the seventh time in the past nine trading sessions. There was heavy selling pressure in the market last week. The Sensex had lost 2,943.02 points or 5.41 percent last week.
The markets recovered in the first two days of the week. However, it has again come under the selling pressure.
The broader Nifty 50 of the National Stock Exchange slumped 225.50 points or 1.44 percent to 15,413.30 points against its previous day's close at 15,638.80 points.

The Nifty has closed in the red after two consecutive days of gains. The Nifty had gained 288.65 points or 1.88 percent on Tuesday.
Tata Steel crashed 5.24 percent to Rs 837.95. Wipro dipped 3.29 percent to Rs 411.25.
The index heavyweight Reliance Industries Limited slumped 3.07 percent to Rs 2505.20.
IndusInd Bank slumped 2.67 percent to Rs 777.30. HCL Technologies fell 2.61 percent to Rs 961.60. Bajaj Finserv fell 2.41 per cent to Rs 11452. Titan dipped 2.32 percent to Rs 2030.30.

Selling pressure was across the board. Only four of the 30 scrips that are part of the benchmark Sensex closed in the positive.
TCS rose 0.31 percent to Rs 3222. Hindustan Unilever, Power Grid Corporation and Maruti Suzuki also close marginally higher. (ANI)