Sensex down 200 pts, Nifty tests 23,300; defence shares underperform

The benchmark indices erased all gains as firm oil prices dented the risk appetite, while IT shares limited loss.

As of 1:00 PM, the Sensex fell 198.80 points or 0.27 per cent to 74,582.96 and the Nifty50 was down 91.40 points or 0.39 per cent at 23,306.70.

HCLTech, Tech Mahindra, and Infosys were the top gainers in the Nifty50 index.

In the broader markets, the MidCap and the Nifty SmallCap fell 0.08 per cent and 0.07 per cent, respectively.

Sector-wise, the Nifty IT jumped 5 per cent and outshone all sectoral indices, while the Nifty Realty declined the most.