Sensex tanks over 300 points; auto, banking stocks drag

The S&P BSE Midcap index shed nearly 0.8%, while S&P BSE Smallcap index was down 0.5%

The benchmark indices on Wednesday extended losses in the afternoon trade as banking and automobile stock fell, while negative trade in Asian markets also contributed to the losses.

At 2:52 pm, the S&P BSE Sensex was trading at 29,186, down 298 points, while the broader Nifty50 was ruling at 9,033, down 87 points.  

In the broader market, the S&P BSE Midcap index shed 0.8%, while the S&P BSE Smallcap index was down 0.5%. 

"We reiterate that the Nifty is likely to head towards 9,400-9,600 (price extension of previous up move from recent low of 7893.80) over the next few weeks.