The prolonged correction in the market continues as stocks, notably banking, have come under relentless selling pressure, thereby dragging the index deep into the red. The Sensex has shed 52 points to 6,605, and the Nifty has lost 16 points to 2,081.SBI, with a traded volume of over 4.24 lakh, has tumbled 1.91% (Rs 14) to Rs 709. While HDFC Bank has scaled down 2.34% (Rs 13) to Rs 547, ICICI Bank has declined 1.52% (Rs 6) to Rs 402.Reliance, on a volume of over 4.21 lakh, is down Rs 3 at Rs 556. While ITC has slipped a per cent (Rs 9) to Rs 1,287, HLL is down a rupee at Rs 129.Infosys at Rs 2,232 (down Rs 4), Wipro (down Rs 3 to Rs 681) and Satyam (down Rs 4 to Rs 402) are trading with steady losses.Hindalco (down Rs 29 to Rs 1,348), Bharti (down Rs 3 to Rs 209), Tisco (down Rs 7 to Rs 424) and Tata Power (down Rs 5 to Rs 372) have dipped sharply.PSU banks have shed ground on reports of merger proposals being put on hold by the government. Vijaya Bank has dropped 3.27% (Rs 2) to Rs 68, and Union Bank has lost 2.75% to Rs 117. BoI and Syndicate Bank were down 2% each at Rs 114 and Rs 58, respectively. Dena Bank, BoB and Uco Bank were also trading at lower levels.Metal stocks, too, have eased on selling pressure. Lloyd Steel has declined 3% to Rs 18, while Sesa Goa has lost 2.26% to Rs 790. Sun Iron & Steel, Gujarat NRE Coke, Essar Steel, Uttam Galva, Nalco and Jindal Steel are down in a range of 1-2%.
