Sensex drops 656 points, Nifty has settled below 17,950

Due to selling pressure in information technology equities and negative global cues, Indian equity indices fell further on Wednesday. The 30-share BSE Sensex fell 656 points, or 1.08 percent, to 60,099 points, while the broader NSE Nifty fell 175 points, or 0.96 percent, to 17,938 points. In the last two trading sessions, the Sensex has lost over 1,200 points.

The National Stock Exchange's 15 sector indices all finished the day in the red. The Nifty IT index underperformed by as much as 2.13 percent. The selling pressure was also felt by Nifty Financial Services.

On a stock-by-stock basis, Infosys was the highest Nifty loss, falling 2.90 percent to Rs. 1,865. Among the big losers were Shree Cements, Asian Paints, Adani Ports, and Hindustan Unilever.

ONGC, Tata Motors, UPL, Coal India, and Maruti Suzuki India, on the other hand, were among the gainers. On the BSE, the overall market breadth was modest, with 1,596 stocks rising and 1,811 falling.

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