Sensex sheds 59 pts; Nifty settles below 11,150

Mumbai, July 22

Snapping its five-session winning run, equity benchmark Sensex dropped 59 points on Wednesday, dragged by losses in Infosys, HUL and HDFC Bank amid weak cues from global markets.

After swinging 599 points in a volatile session, the 30-share BSE benchmark finished 58.81 points, or 0.16 per cent, lower at 37,871.52.

Similarly, the NSE Nifty slipped 29.65 points, or 0.27 per cent, to close at 11,132.60.

HUL was the top loser in the Sensex pack, shedding around 3 per cent, followed by Tata Steel, Infosys, Maruti, IndusInd Bank, L&T, Asian Paints and TCS.

On the other hand, Axis Bank, Titan, PowerGrid, ITC, NTPC and Reliance Industries were among the gainers.

According to traders, besides stock-specific action, market succumbed to profit-booking at higher levels. Weak cues from global markets also kept investors cautious.

Bourses in Hong Kong, Seoul and Tokyo ended in the red, while Shanghai settled on a positive note.

Stock exchanges Europe were trading with significant losses in early deals.

Meanwhile, international oil benchmark Brent crude futures slipped 0.74 per cent to USD 43.99 per barrel.

In the forex market, the rupee pared settled on a flat note at 74.75 against the US dollar. PTI