Sensex dives over 430 pts lower, midcaps tank

Equity benchmark indices witnessed a day of correction

Equity benchmark indices witnessed a day of correction, in line with the momentum seen in the past few sessions. Midcaps, PSU banks and pharma stocks plummeted, while IT stood against the tide and ended almost flat. TCS, Coal India and Bharti Infratel were the top gainers, while Adani Ports and Sun Pharma lost the most.

The Nifty breached another milestone of 9800 and ended below the mark.

The Sensex closed down 439.95 points or 1.39% at 31159.81, while the Nifty ended lower by 135.75 points or 1.38% at 9735.75. The market breadth was negative as 582 shares advanced against a decline of 1,951 shares, while 135 shares were unchanged.

Chairman of Reliance Industries (RIL) Mukesh Ambani stressed on the creation of a digital infrastructure in India in line with the Prime Minister’s vision of a Digital India as he spoke at the Indian Mobile Congress in New Delhi.

“Data is the oxygen of a digital economy,” Ambani said.

Emphasizing that India ranks first in data consumption globally, he said that the pace at which India’s digital economy has grown in the span of a year is unparalleled.

He said that he believes that the Indian economy will rank among the top three economies of the world in the next 20 years, given that telecom and IT industries play a foundational role in creating a digital infrastructure.

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