Sensex drops 54 pts, selling intensifies

Widespread selling pressure in old and new economy stocks has pushed the index deep into the red in mid-noon trades. While the Sensex has dropped 54 points to 6,324, the Nifty is down 17 points at 1,954.

Infosys has shed 1.51% (Rs 30) to Rs 1,958. While Wipro has declined 1.76% (Rs 11) to Rs 639, Satyam has lost 1.44% (Rs 6) to Rs 417.

ONGC has scaled down 1.53% (Rs 13) to Rs 849. While Reliance is down a per cent (Rs 4) at Rs 542, ITC is trading off-gains with a loss of Rs 4 at Rs 1,382. HLL has inched up by 1.42% (Rs 2) to Rs 136.

ICICI Bank is trading lower by 1.24% (Rs 5) at Rs 403. While HDFC Bank is down a rupee at Rs 538, SBI is trading flat at Rs 624.

L&T has declined 2.64% (Rs 26) to Rs 970. Tisco (down Rs 5 to Rs 359) and Tata Power (down Rs 3 to Rs 354) are also trading at lower levels.

ACC has lost 1.23% (Rs 5) to Rs 372, and Gujarat Ambuja is down a per cent (Rs 4) at Rs 432. Grasim is marginally up at Rs 1,215.

Tata Motors has dropped 2.29% (Rs 10) to Rs 434, while Maruti has slipped 1.49% (Rs 7) to Rs 432. Bajaj, however, is up with a steady gain of Rs 5 at Rs 1,080.

BHEL has gained 1.23% (Rs 10) to Rs 823.