Sensex falls 400pts, Nifty below 8750; ICICI down 3%, Infosys up
The market remained under pressure in morning trade, though it recovered a bit from day's low. All sectoral indices except IT slipped into red.
Infosys outperformed, extending gains further. The stock was up over a percent whereas ICICI Bank, HDFC, Tata Motors, Axis Bank, ITC, L&T and SBI were top contributors to Sensex's fall, down 1-3 percent.
Global markets fell sharply amid concerns central banks will become less accomodative and as investors cautious ahead of Federal Reserve's policy meeting next week.
Equity benchmarks made a mild recovery from opening lows due to short covering and buying on dips. The Sensex lost 391.76 points or 1.36 percent to 28405.49.
ICICI Bank and Tata Motors were the biggest losers, down 3-4 percent followed by HDFC, ITC, Axis Bank, L&T and SBI whereas Infosys bucked the trend.
The Indian rupee slipped in the early trade. It has opned lower by 20 paise at 66.88 per dollar versus 66.68 Friday.
The dollar began the week on the back foot as a bout of risk aversion underpinned the yen, though the US currency garnered some support on renewed talk of a possible rate hike by the Federal Reserve as early as this month.