Sensex falls 300 points as equities selloff continues

Mumbai, May 8 (IANS) Sensex fell by 300 points on Wednesday as the selloff in equities continues.

Indian equities continued to sell off for the fourth consecutive session on Wednesday. BSE Sensex was trading at 73,201 points, down by 309 points.

Benchmark indices have closed in the red for three sessions in a row. Indian markets are in a downward spiral on account of massive FII selling and rising volatility. FIIs sold equities worth Rs 3668 crore on Tuesday. India’s volatility index has spiked in the last few days.

Consumer stocks are leading the Sensex fall, with Asian Paints and Hindustan Unilever down by more than 2 per cent.

Private sector banks are also weak, with HDFC Bank, IndusInd Bank, and ICICI Bank down by more than 1 per cent.

Among other stocks, HCL Tech, Ultratech Cement, and L&T are down by more than 1 per cent. Large-cap stocks are facing the brunt of FII selling. Broader markets had underperformed the benchmark indices on Tuesday.

PSU stocks are making gains, with REC up 5 per cent, NBCC, and PFC up 4 per cent.