SENSEX, NIFTY50 fall for second straight session dragged by IT stocks

For most part of the day, the benchmarks traded firmly higher but gave up gains in the last hour of trade mirroring subdued trend in other Asian markets. Japan's Nikkei rose 0.1%, China's Shanghai Composite fell 0.2% and Hong Kong's Hang Seng declined 0.65%.

The SENSEX fell as much as 875 points from the day's highest level and NIFTY50 index touched an intraday low of 23,072 after hitting a high of 23,327.

The SENSEX ended 151 points lower at 73,833 and NIFTY50 index dropped 53 points to settle at 23,162.

11 of 15 major sector gauges compiled by the National Stock Exchange (NSE) ended lower led by the NIFTY IT index's 1.6% fall. IT shares came under selling pressure following tech sell off in US markets.

NIFTY FMCG, PSU Bank, Realty, Consumer Durables, Auto and Financial Services indices also fell between 0.2% and 1.15%.

On the flip side, media, pharma, private bank and bank indices closed on a positive note.

Broader markets also faced selling pressure as NIFTY Midcap 100 index fell 0.8% and NIFTY Smallcap 100 index dropped 0.7%.

Among the individual shares, Doms Industries rose as much as 5.73% to hit an intraday high of ₹2,239.90 after the company entered into an agreement to buy Reynolds Pens India Limited.

Shares of drugmaker Alembic Pharmaceuticals climbed as much as 2.98% after receiving a tentative approval from the e US Food & Drug Administration (USFDA) for Larotrectinib Capsules.

Infosys was top loser in the NIFTY50 index, the stock fell 2.25% to close at ₹1,119.50. HCL Tech, Adani Ports, Eternal, Bajaj Finance, Bharat Electronics, Hindustan Unilever and Hindalco also fell between 1.3% and 1.6%.

On the other hand, Mahindra & Mahindra, ICIC Bank, Kotak Mahindra Bank, JSW Steel, Sun Pharma, SBI Life and Bharti Airtel were top gainers in the NIFTY50 index.

The overall market breadth was negative as 2,225 shares ended lower while 1,013 closed higher on the NSE.