Mumbai: A sudden sell-off in stocks of IT majors Like Tata Consultancy Services (TCS) and Infosys pulled the BSE Sensex index lower by over 180 points during the afternoon trade session on Tuesday.
According to market observers, TCS scrips plunged over five per cent on announcements of block deals on both the BSE and National Stock Exchange (NSE).
"TCS shares fell 5.1 per cent after reports of Tata Sons' plans to sell $1.25 billion of its stake in the company," Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
Around 2.45 p.m., the wider Nifty50 of the National Stock Exchange (NSE) fell by 35.75 points or 0.34 per cent to trade at 10,385.65 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,818.22 points, traded at 33,732.15 points -- down 185.79 points or 0.55 per cent from the previous session's close.
The Sensex has so far touched a high of 34,077.32 points and a low of 33,732.15 points during the intra-day trade.
However, the BSE market breadth was bullish with 1,599 advances and 1,029 declines.
Earlier during the day, healthy macro-economic data, along with healthy buying in banking, consumer durables, oil and gas and healthcare stocks had lifted the key Indian equity indices. The BSE Sensex reclaimed the 34,000-mark in the course.
On Monday, the benchmark indices witnessed the biggest intra-day gains in around two years on the back of across-the-board buying, as well as positive cues from the global markets on easing trade war fears.
The Nifty50 edged higher by 194.55 points, or 1.90 per cent, to close trade at 10,421.40 points, while the Sensex closed at 33,917.94 points -- up 610.80 points, or 1.83 per cent, from the previous session's close.