Equity benchmarks erased early gains following further correction in rupee. The currency hit fresh two-year low, trading at 66.76 a dollar, down 30 paise today. Banks, technology, pharma and capital goods stocks saw selling pressure. The Sensex declined 83.28 points to 25118.62 and the Nifty fell 31.05 points to 7624 amid volatility. The broader markets underperformed benchmarks, falling 1 percent. The market breadth remained weak as about 1138 shares have declined against 585 shares advanced on the Bombay Stock Exchange.
GAIL topped the selling list on Sensex, down 2.5 percent followed by ICICI Bank, Lupin, Axis Bank, Sun Pharma, Wipro, Dr Reddy's Labs and Bajaj Auto with 1-1.5 percent loss. Infosys and L&T declined 0.8 percent while HDFC, ITC, Tata Motors and Cipla bucked the trend, up 0.5-1 percent. On the global front, major Asian markets recovered with the Shanghai rising 0.9 percent. Hang Seng gained 0.2 percent and Nikkei rose 0.5 percent.
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