Benchmarks slip on IT drop, weak global cues

Benchmark Sensex tanked 519 points and broader Nifty settled below the 25,600 level on Tuesday due to profit-taking in utility, metal and Information Technology (IT) shares triggered by weak global trends and foreign fund outflows.

- PRESS TRUST OF INDIA

The 30-share BSE Sensex dropped 519.34 points, or 0.62 percent, to settle at 83,459.15 with 25 of its constituents ending lower and five with gains. During the day, it tanked 565.72 points, or 0.67 per cent, to 83,412.77.

The 50-share NSE Nifty declined 165.70 points, or 0.64 per cent, to 25,597.65. It hit a low of 25,578.40 due to losses in bluechip shares such as PowerGrid, Eternal and Adani Enterprises. Among Sensex firms, Power Grid fell the most by 3.13 percent after the utility posted a decline in the September quarter profit. Eternal dropped 2.79 per cent, Tata Motors Passenger Vehicle by 2.53 per cent, Tata Steel by 1.86 per cent, Maruti by 1.76 per cent and Bharat Electronics by 1.69 percent.