Weak global cues weigh on Sensex, Nifty; IT stocks crack

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Mumbai, Nov 21: Equity benchmarks continued with their downtrend for second consecutive day, in tandem with global markets, with Nifty holding 10,600.
A global sell-off mirrored in the Indian markets as well, while a recovery in crude oil prices weighed on benchmarks.
The day began on a somber note, with benchmarks opening around flat terrain, but a recovery in financials helped market stay in the positive region for a brief period. However, a selloff in major names, especially in the IT space, dragged indices lower.
Last hour saw some marginal recovery in financials as well as midcaps, helping the market close off low points.
The Nifty IT index was the big loser along with energy stocks as well. Meanwhile, pharmaceuticals and PSU banks were the big gainers. In the broader markets, Nifty Midcap index rose over half a percent.
At the close of market hours, the Sensex was down 274.71 points or 0.77% at 35199.80, while the Nifty ended down 56.20 points or 0.53% at 10600.00. The market breadth was negative as 1,256 shares advanced, against a decline of 1,305 shares, while 136 shares were unchanged.
Yes Bank, Axis Bank, and Dr Reddy’s were the big gainers, while TCS and Infosys lost the most.
Shares of Dr Reddy’s Labs gained 6 percent as after the company won a major legal battle against Indivior in the US. An Appeals Court vacated the preliminary injunction order of a federal court, which blocked Dr Reddy’s from selling generic version of opioid treatment drug, Suboxone.