IT, financial stocks pull sensex down 1,800 points in 3 sessions

MUMBAI: Indian equities declined for the fourth consecutive session on Monday, with weak earnings and concerns over trade negotiations weighing on sentiment. The sensex fell 572 points, or 0.7%, to close at 80,891, while the Nifty dropped 156 points, or 0.6%, to 24,680. Over three sessions, the sensex has shed 1,835 points and the Nifty 539 points.

Losses in financial and IT stocks pulled down the indices. Kotak Mahindra Bank declined 7.5% to Rs 1,965.6 on the BSE after reporting disappointing June-quarter earnings. The stock fell as much as 7.8% intraday to Rs 1,960.1. On the NSE, it closed at Rs 1,968.7, down 7.3%. TCS lost 1.8% on the BSE to close at Rs 3,079 after announcing plans to cut 12,000 jobs globally this year. The stock fell to an intraday low of Rs 3,070 before partially recovering. On the NSE, it closed 1.6% lower.