IT sector drags equities as Sensex tanks 519 pts, Nifty settles at 17,702; PSB stocks jump

Domestic equities pared off its early losses on Monday led by gains in PSB stocks but still settled lower amid weak performance by IT stocks, and weak global sentiments. BSE benchmark Sensex slumped 519.31 points, or 0.86 per cent, to 59,911.69, while NSE’s Nifty tanked 125.65 points, or 0.70 per cent to 17,702.35.

In the intraday session today, the 50-share Sensex touched a low of 59,442.47, while Nifty touched 17,574.05.

IT major Infosys tanked 9.26 per cent today, to settle at Rs 1,260 on BSE. The stock was its peers’ performance was down today after Infosys’ March quarter’s results spooked investors.