Sensex declines 474 points, Nifty falls below 17,000 level as IT, banking stocks retreat

Mumbai, March 20

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Benchmark stock indices Sensex and Nifty declined by nearly 1 per cent in opening trade on Monday following selling in IT banking and auto stocks triggered by weak global trends.

The 30-share BSE Sensex fell 474.96 points or 0.82 per cent to 57,514.94 as 28 of its constituents traded in the red in early session.

The broader Nifty of the National Stock Exchange dropped by 139.10 points or 0.81 per cent to below the 17,000-level at 16,960.95. As many as 45 of its stocks declined, led by Adani Enterprises, JSW Steel and Hindalco.

Among Sensex scrips, Mahindra & Mahindra fell the most by 1.86 per cent. Tata Steel, Tata Motors, IndusInd Bank, Tech Mahindra, Infosys and TCS dropped more than 1 per cent.  Reliance, SBI, ICICI Bank, HDFC, HDFC Bank and Axis Bank also dropped.

Hindustan Unilever and Kotak Bank bucked the trend, gaining up to 0.24 per cent.

The US banking crisis remained at the centre stage keeping the participants on their toes. Besides, the continuous outflow of foreign funds added to worries, analysts said.

Most Asian markets dropped despite coordinated efforts by global central banks to ease a fast-growing banking crisis.