SENSEX, NIFTY50 edge lower dragged down by losses in Infosys, HDFC Bank, TCS

The Indian equity benchmarks edged lower on Tuesday, June 23, mirroring subdued trend in other Asian markets following a selloff in tech stocks in United States overnight.

The SENSEX fell as much as 215 points and NIFTY50 index touched an intraday low of 24,040 dragged down by losses in index heavyweights like Infosys, HDFC Bank, Tata Consultancy Services, Tata Steel, HCL Technologies, Hindustan Unilever and Tech Mahindra. However, the losses were capped owing to buying interest in ICICI Bank, Sun Pharma, Larsen & Toubro and Trent.

As of 9:26 am, the SENSESX was down 68 points at 77,033 and NIFTY50 index declined 15 points to 24,088.

Most of the Asian markets were trading lower following an overnight selloff in tech stocks in United States.

Japan's Nikkei fell 1%, China's Shanghai Composite was up 0.04%, South Korea's KOSPI dropped 4% and Hong Kong's Hang Seng declined 0.9%.

US stocks ended lower on Monday as selloff in big tech stocks weighed on the benchmarks. Dow Jones Industrial Average advanced 0.3%, S&P 500 index fell 0.4% and tech heavy Nasdaq dropped 1.32%.

Back home, 10 of 15 sector gauges compiled by the National Stock Exchange (NSE) were trading higher led by the NIFTY Pharma index's 1.9% gain. NIFTY Healthcare, Realty, Media indices were also trading with a positive bias.

On the flip side, IT shares came under selling pressure mirroring losses in tech stocks overnight. The NIFTY IT index was top sectoral loser, down 1.6%.

Metal, Bank, PSU Bank and Consumer Durables indices were trading lower.

Broader markets were witnessing a mild buying interest as NIFTY Midcap 100 index rose 0.17% and NIFTY Smallcap 100 index gained 0.3%.

Dr Reddy's Labs was top gainer in the NIFTY50 index, the stock rose 2.56% to ₹1,324. Sun Pharma, Cipla, Shriram Finance, ICICI Bank, Tata Consumer Products, Trent, Apollo Hospitals, Asian Paints and Hindustan Unilever also rose between 0.6% and 1.4%.

On the other hand, Infosys, Hindalco, TCS, HCL Tech, Tech Mahindra, Wipro, Tata Steel, Tata Motors PV and JSW Steel were top losers in the NIFTY50 index.

The overall market breadth was positive as 1,619 shares were advancing while 1,210 were declining on the NSE.