Sensex drops 55 pts; Infosys, HDFC tumble

The market has taken a strong beating in the afternoon trades, after a weak opening and a subsequent rise in the first half. While tech stocks continue to display weak trends, fresh round of selling pressure in pharma and other select old economy stocks has dragged the index to a low of 7,242.

The Sensex, in current trades, has shed 55 points to 7,252, while the Nifty has declined 12 points to 2,207.

Infosys has tumbled 3.90% (Rs 90) to Rs 2,225. While TCS has shed 1.98% (Rs 26) to Rs 1,301, Wipro has lost 1.21% (Rs 9) to Rs 707.

HDFC has crashed 4.47% (Rs 42) to Rs 888, while L&T has dropped 2.70% (Rs 34) to Rs 1,212. BHEL has declined 1.15% (Rs 10) to Rs 869. Bharti (up Rs 3 or 1.27% to Rs 259), however, is trading at steady levels.

Dr. Reddy's has shed 2.55% (Rs 20) to Rs 760, and Ranbaxy has lost a per cent (Rs 8) to Rs 1,053. Cipla, however, is up a per cent (Rs 3) at Rs 322.

ONGC is up 1.10% (Rs 10) at Rs 935. While ITC has gained 1.56% (Rs 27) to Rs 1,731, Reliance is trading with a per cent gain (Rs 4) at Rs 637. HLL is up 1.17% (Rs 2) at Rs 160.

ICICI Bank is trading higher by 2.70% (Rs 12) at Rs 465, while SBI is up with steady gains at Rs 718 - up Rs 4. HDFC Bank, however, has slipped a per cent (Rs 6) to Rs 658.

Tata Motors is up 2.91% (Rs 13) at Rs 461. Hero Honda (up Rs 8 or 1.32% to Rs 599) and Maruti (up Rs 5 or 1.17% to Rs 452) have shed some gains due to profit-taking. Bajaj, however, is down a per cent (Rs 8) at Rs 1,390.