Sensex down 347pts; SBI, Reliance weak

The Sensex is now down 347 points at 17,388.

The NSE Nifty is down 78 points at 5,114.

Bajaj Auto, Satyam and HDFC Bank have plunged over 4% each to Rs 2,304, Rs 438 and Rs 1,478, respectively.

ICICI Bank and Infosys have tumbled around 3.5% each to Rs 1,103 and Rs 1,577, respectively.

HDFC has dropped nearly 3% to Rs 2,574. SBI and Reliance have shed 2.5% each at Rs 2,124 and Rs 2,439, respectively.

Cipla has soared nearly 5% to Rs 198. Hindalco is up 1.3% at Rs 192.

Out of 2,761 stocks traded so far, 1,764 have declined, 914 have advanced and 83 are unchanged.