The Indian equities markets benchmark Sensex fell 346 points on Wednesday dragged by selling pressure in banking and IT stocks.
HDFC Bank and HDFC slumped for the second straight day after the announcement of merger deals. The share price of HDFC Bank and HDFC had surged by around 10 per cent on Monday shortly after the merger deals were announced.
However, scrip has declined sharply in the past two days on profit booking. HDFC Bank was trading 2.32 per cent lower at Rs 1569.85. HDFC was down 2.27 per cent to Rs 2562.60
The 30 stock S&P BSE Sensex was trading 346.97 points or 0.58 per cent lower at 59,829.53 points at 12.56 pm, against its previous day's close at 60,176.50 points.
Earlier, the Sensex started the day in the red at 59,815.71 points and slumped to a low of 59,509.84 points in the morning trade.
The Sensex had lost 435.24 points or 0.72 per cent on Tuesday.
The broader Nifty 50 of the National Stock Exchange was trading 93.70 points or 0.52 per cent down at 17,863.70 points. The Nifty had lost 96 points or 0.53 per cent on Tuesday.
There was heavy selling pressure in IT stocks. Tech Mahindra slumped 1.94 per cent to Rs 1460. HCL Technologies fell 1.77 per cent to Rs 1174.40. TCS slumped 1.46 per cent to Rs 3758.20. Infosys fell 1.11 per cent to Rs 1840.50. Wipro was trading 0.77 per cent down at Rs 594.80.
NTPC surged 4.09 per cent to Rs 155.25. Tata Steel soared 2.02 per cent to Rs 1372. Power Grid Corporation rose 1.31 per cent to Rs 236.10. L&T, Bharti Airtel, Nestle India and Hindustan Unilever were among the major Sensex gainers.
( With inputs from ANI )
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