Markets plunge in late noon deals

IT and banking stocks weigh

Markets have plunged in the late noon deals on the back of weak cues from the European markets and the selling pressure visible in the IT heavyweight stocks. The Sensex has plunged 200 points to 17,131 and the Nifty is down 57 points at 5,219 levels.

The European markets have opened on a weak note. The CAC is down 32 points at 3,237, DAX is down 71 points at 6,672 and the FTSE is down 22 points at 5,688 levels.

Back home, IT stocks have extended losses in the late noon deals. The BSE IT index has tanked 8% to 5,464 levels. Infosys has extended losses, the stocks is down 11% at Rs 2,450. TCS and Wipro are also trading weaker by 4-5% each.

Banking stocks are also facing the selling pressure the BSE Bankex has shed 0.6% or 74 points at 11,906 levels. Federal Bank, Axis Bank, Canara Bank, ICICI Bank, Indusind Bank, IDBI Bank, Yes Bank and Bank of Baroda are the top losers from this space.

Realty, Capital Goods, Consumer Durables and Metal stocks are also facing the selling pressure.

On the other hand, healthcare, auto, FMCG, oil & gas, power and PSU indices are trading on a firm note.

Among the Sensex stocks, Hero MotoCorp, Sun Pharma, Coal India, Sterlite Industries, Tata Motors and Gail India are among the top gainers.

The broader markets are also facing a mild selling pressure. The BSE mid-cap index is down 10 points at 6,373 and the small-cap index has shed 16 points to 6,826 levels.

The overall breadth is negative as 1,478 stocks are declining while 1,271 are advancing.