India's Sensex plunges 798 points; IT, banking stocks slump

Mumbai: The Indian equities markets key indices, Sensex and Nifty, slumped by nearly 1.3 per cent on Friday due to heavy selling pressure in IT and banking stocks.

The 30 stock S&P BSE Sensex was trading at 58,175.90 points at 12.38 pm, which is 750.13 points or 1.27 per cent lower from its previous day's close at 58,926.03 points. Earlier the Sensex opened sharply down at 58,447.15 points and slumped to a low of 57,914.10 points.

The broader Nifty 50 of the National Stock Exchange was trading 216 points or 1.23 per cent lower at 17,389.85 points. There was heavy selling pressure in IT and banking stocks.

Infosys slumped 2.71 per cent to Rs 1720.90. Tech Mahindra dipped 2.39 per cent to Rs 1432.25. HCL Technologies was down 2 per cent at Rs 1166.30. Wipro was trading 1.86 per cent down at Rs 562.85.

Nestle India 2.26 per cent down at Rs 17688.80; Titan 1.87 per cent down at Rs 2444.05; HDFC 1.72 per cent down at Rs 2433.90; UltraTech Cement 1.68 per cent down at Rs 7346; L&T 1.62 per cent down at Rs 1868.85 and Kotak Bank 1.56 per cent down at Rs 1837.85 were among the major Sensex losers.

Only three of the 30 scrips that are part of the Sensex were trading in the positive. IndusInd Bank was trading 1.19 per cent higher at Rs 984.45. Tata Steel was trading 1.02 per cent higher at Rs 1261. NTPC was also trading in the positive.