The Indian equities markets reversed course during the day with benchmark Sensex closing 503 points down after rallying over 400 points in the early trade.
Selling pressure in heavyweight Reliance Industries and banking and financial stocks dragged the index down.
The 30-stock S&P BSE Sensex of the Bombay Stock Exchange ended the day at 58,283.42 points, 0.86 per cent or 503.25 points lower than the previous session close at 58,786.67 points.
The key indices opened the day on a positive note and traded in the green till noon. However, heavy selling pressure in heavyweight stocks dragged the index down.
The benchmark Sensex fluctuated around 1000 points during the day. The index opened on a positive note at 59,103.72 points and surged to a high of 59,203.37 points in the early morning trade. The Sensex slipped to a low of 58,242.80 points in the intra-day.
The broader Nifty 50 of the National Stock Exchange (NSE) ended the day at 17,368.25 points, 0.82 per cent lower than the previous session close at 17,511.30 points.
The Nifty 50 also opened on a positive note at 17,619.10 points and witnessed volatile trading. The index touched a high of 17,639.50 points and a low of 17,355.95 points in the intra-day.
There was heavy selling pressure in banking and financial stocks. Bajaj Finance slumped 3.10 per cent to Rs.7220.10. Bajaj Finserv fell 2.14 per cent to Rs.17343.50. The heavyweight Reliance Industries fell 2 per cent to Rs.2409.80.
Other major Sensex losers included, Mahindra & Mahindra 1.94 per cent lower at Rs.843; Nestle India 1.51 per cent lower at Rs.18982.25; State Bank of India 1.43 per cent lower at Rs.487.65; HDFC 1.39 per cent lower at Rs.2770.85 and Tata Steel 1.26 per cent lower at Rs.1165.15.
Only seven of the 30 stocks that are part of the benchmark Sensex closed in the positive. Axis Bank rose 2.38 per cent to Rs.704.05; Tech Mahindra rose 2.20 per cent to Rs.1637.85. Other major gainers included Maruti Suzuki 1.20 per cent higher at Rs.7515.40; Power Grid 0.91 per cent higher at Rs.204.45 and Titan 0.37 per cent higher at Rs.2349.
( With inputs from ANI )
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