Due to heavy selling in key bank, realty and oil stocks, the market is down sharply in the red this afternoon. Stocks from automobile and metal sectors are also mostly trading lower.
Capital goods stocks, which opened on a firm note this morning, are struggling to find support now. Power, FMCG and healthcare stocks are trading mixed. A few stocks from information technology and consumer durables sectors have posted notable gains.
The Sensex is now down 130 points or 0.66% at 19,440.44. The Nifty is down with a loss of 32 points or 0.5% at 5876.95.
ICICI Bank has lost over 4% and HDFC Bank is down by a little over 2%, with investors pressing sales at the counter, following reports the finance ministry and the Reserve Bank of India are probing into money laundering allegations against some private sector banks. Axis Bank and Yes Bank are also trading weak, losing 1.8% and 1.2%, respectively.
Tata Motors, Bharti Airtel and Reliance Industries are down 2.2% - 2.4%, contributing significantly to the market's decline. Maruti Suzuki is down nearly 2% and GAIL India is down with a loss of 1.8%, while Jindal Steel & Power is trading lower by 1.3%. Tata Steel, Coal India and Larsen & Toubro are also trading weak.
Realty stocks Indiabulls Real Estate, DLF, HDIL, Unitech, Parsvnath Developers, Anant Raj Industries and Sobha Developers are down 1% - 4%.