The National Stock Exchange's benchmark index Nifty fell sharply in the afternoon trade today, presumably due to basket sale in banking and other stocks.
The broad-based 50-share CNX Nifty slipped by nearly 40 points within minutes. The index, which was at 6,076 points during 1300 hours declined to 6,045 points at 1308 hours.
Later, the index recovered and is currently trading at 6,058.95 points at 1400 hours, up 22.65 points, or 0.37 per cent, from the previous close.
According to market experts, the sharp drop in the Nifty index was due to basket sale in banking stocks and some other shares.
