Sensex dips 411 points; IT, FMCG, infra stocks slump

The Indian stock markets' key indices, Sensex and Nifty, were trading in the red for the fourth straight session on Wednesday dragged by selling pressure in IT, FMCG and infra stocks.

The 30 stock S&P BSE Sensex was trading 411.05 points or 0.76 per cent down at 53,953.80 points at 12.30 pm, against its previous day's close at 54,364.85 points.

This is the fourth straight day of slump in the benchmark index. The Sensex had lost 105.82 points or 0.19 per cent on Tuesday.

The broader Nifty 50 of the National Stock Exchange was trading 116.85 points or 0.72 per cent down at 16,123.20 points against its previous day's close at 16,240.05 points.

There was heavy selling pressure in IT, FMCG, infra and power stocks.

Tata Steel slumped for the second straight day. The scrip was trading 2.39 per cent down at Rs 1137.50. Tata Steel had slumped 6.95 per cent on Tuesday.

The index heavyweight Reliance Industries was trading 1.06 per cent down at Rs 2447. The scrip had lost 1.74 per cent on Tuesday.

Other major Sensex losers included Bajaj Finance, NTPC, L&T, Hindustan Unilever, Infosys, Wipro, Bajaj Finserv and ITC.

Only five of the 30 scrips that are part of the Sensex were trading in the positive. Kotak Bank was trading 0.94 per cent higher at Rs 1813.35. Bharti Airtel, Axis Bank, ICICI Bank and HDFC were the other Sensex gainers.

( With inputs from ANI )