Sensex drops 53 points to close at 54,264; Nifty ends session at 16,256

The Indian stock markets’ key indices, Sensex and Nifty, slipped into the red,  wiping off the morning gains due to selling pressure in power, telecom and IT stocks, news agency ANI reported.  Sensex dropped 53 points to close at 54,264; Nifty ended session at 16,256.

Earlier, the Sensex opened in the positive at 54,554.89 points and rose to a high of 54,786.00 points in the morning trade. The index slipped into the negative in the afternoon session.

(With ANI inputs)