Sensex drops 252 points, Nifty slips to 22,622 as crude holds above $106 and FII selling persists
The Sensex closed at 72,781.89, down 251.89 points, and the Nifty 50 settled at 22,622.70, down 99.25 points, as rising crude and foreign-investor selling erased part of Tuesday's rally.
The session began steadily but selling pressure intensified in the afternoon; the Sensex touched an intraday high of 73,195.26 before sliding to 72,578.75.
IT stocks continued to attract buying after the earnings beat, but weakness in financials, pharma and autos kept the benchmarks in the red. Nifty Pharma fell 1.47%.
Brent crude held around $106 a barrel while the rupee recovered for a fourth straight session to about 94.8 against the dollar, regaining close to 2% since Friday.
Originally reported by The Hindu BusinessLine. Article compiled by the Deccan Age desk.
