MUMBAI: The Indian stock market's benchmark Sensex closed 224 points down on Wednesday dragged by heavy selling pressure in IT stocks amid a rout in the global equities markets.
The 30 stock S&P BSE Sensex closed 224.11 points or 0.37 per cent down at 60,346.97 points against its previous day's close at 60,571.08 points.
Tracking weakness in the global indices, the benchmark Sensex started the day sharply down at 59,417.12 points. However, the index recouped its losses in the afternoon session. It briefly turned positive touching a high of 60,649.04 points in the intra-day.
The benchmark Sensex closed in the red after four consecutive days of the rally. The Sensex had gained 455.95 points or 0.76 per cent on Tuesday.
The broader Nifty 50 of the National Stock Exchange slumped 66.30 points or 0.37 per cent to 18,003.75 points.
The Nifty started the day sharply down at 17,771.15 points. However, the buying support in banking and financial stocks helped the Nifty regain 18,000 points mark level again.
The Nifty rose to a high of 18,091.55 points in the intra-day. The Nifty had gained 133.70 points or 0.75 per cent on Tuesday.
IT stocks slumped. Infosys dipped 4.53 per cent to Rs 1475. Tata Consultancy Services slumped 3.36 per cent to Rs 3120.85. Tech Mahindra dipped 2.61 per cent to Rs 1117.45. HCL Technologies slumped 2.44 per cent to Rs 932.30.
The index heavyweight Reliance Industries Limited closed 1.23 per cent down at Rs 2587.80.
There was good buying support in banking and financial stocks. IndusInd Bank surged 4.48 per cent to Rs 1216.40. State Bank of India soared 2.39 per cent to Rs 571.60.
Power Grid Corporation, NTPC, Kotak Bank, Tata Steel, Bajaj Finance, Bajaj Finserv, HDFC Bank and ICICI Bank were among the major Sensex gainers.