Sensex drops 164 points; Nifty slips below 15,700

Mumbai, July 1

Equity benchmark Sensex dropped 164 points on Thursday following losses in index majors Infosys, HDFC twins and Reliance Industries amid a weak trend in Asian peers.

The 30-share BSE index ended 164.11 points or 0.31 per cent lower at 52,318.60. Similarly, the broader NSE Nifty inched 41.50 points or 0.26 per cent down to 15,680.

Bajaj Finserv was the top loser in the Sensex pack, shedding over 2 per cent, followed by Infosys, Tech Mahindra, UltraTech Cement and IndusInd Bank.

On the other hand, Dr Reddy’s, Bajaj Auto, Sun Pharma, Asian Paints and NTPC were among the gainers.

“Domestic equities continued to trade range-bound as rebound in auto, pharma and FMCG was overshadowed by profit-booking in financials and IT space,” said Binod Modi, Head- Strategy at Reliance Securities.

Strong June month dispatches reported by the automobile companies aided auto index to see sharp rebound, he noted.

However, weak cues from global markets also weighed on sentiments.

Elsewhere in Asia, bourses in Shanghai, Seoul and Tokyo ended with losses. Equities in Europe were trading with gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 0.90 per cent higher at USD 75.29 per barrel.