The Indian stock market's benchmark Sensex was trading 312 points down in the afternoon session on Monday dragged by heavy selling pressure in IT and banking stocks.
The 30 stock S&P BSE Sensex was trading 312.71 points or 0.55 per cent down at 56,748.16 points at 12.54 pm, against its previous session's close at 57,060.87 points.
Tracking the weakness in the global equities, the Sensex opened with deep cuts at 56,429.45 points and slumped to a low of 56,412.62 points in the morning trade. The Sensex erased part of the losses later in the day. It rose to a high of 56,919.31 points.
This is the second consecutive session of sharp drop in the benchmark Sensex. The index had lost 460.19 points or 0.80 per cent on Friday, the last trading day.
The broader Nifty 50 of the National Stock Exchange was trading 89.70 points or 0.52 per cent down at 17,012.85 points against its previous session's close at 17,102.55 points.
Earlier, the Nifty opened deep in the red at 16,924.45 points and slumped to a low of 16,917.25 points in the morning trade. The Nifty rose to a high of 17,046.25 points.
IT firm Wipro extended losses on disappointing Q4 results. Wipro was trading 2.98 per cent down at Rs 493.85, the lowest level in nearly 52 weeks. The scrip has lost around 18 per cent in the past one month. Selling pressure in Wipro stock intensified on Monday after the company on the weekend reported a paltry 3.85 per cent year-on-year increase in its net profit.
Infosys slumped 2.10 per cent to Rs 1535. Tech Mahindra slipped 2.26 per cent to Rs 1228.15. HCL Technologies dipped 1.43 per cent to Rs 1063.50.
Banking stocks also witnessed selling pressure. State Bank of India slumped 1.95 per cent to Rs 486.80. Kotak Bank slipped 1.74 per cent to Rs 1757.80.
However, IndusInd Bank surged 3.80 per cent to Rs 1015.40.
Ten of the 30 scrips that are part of the benchmark Sensex were trading in the positive. NTPC, ITC, Power Grid Corporation, HDFC and Ultra Tech Cement were among the major Sensex gainers.
( With inputs from ANI )
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