After staging a recovery of sorts that very nearly lifted the indices into positive territory, the market has plunged a bit deeper into the red this afternoon following a fresh round of selling in several front line stocks.
The Sensex, which declined to 19,213.47, is now down with a loss of 78.57 points or 0.4% at 19,247.30. The Nifty is down 30 points or 0.5% at 5820.05, off a low of 5808.30 it touched a little while ago.
Bank stocks are the major losers. Consumer durables, PSU and FMCG stocks are also drifting lower. Automobile stocks have come off their highs, with a few even declining into negative territory.
Capital goods, power and pharma stocks too have given up most of their gains. Oil stocks are mostly flat, while a few stocks from information technology and realty sectors are up in positive territory with notable gains.
Ranbaxy Laboratories has lost over 3% at Rs 354. The stock plunged to a low of Rs 342.75 earlier in the day, on fairly heavy selling at the counter, amid reports the Supreme Court will hear a petition seeking probe against the company for allegedly manufacturing and selling adulterated medicines, on Tuesday next week.
Bank of Baroda, Axis Bank, IndusInd Bank, Punjab National Bank, ICICI Bank, HDFC Bank, IDFC, NTPC, Ultratech Cement, Ambuja Cement and GAIL India are down 1% - 2.4%.
IT bellwether Infosys is trading higher by about 1% at Rs 2448. Tata Power is up nearly a percent. Bajaj Auto, Power Grid Corporation, Kotak Bank, DLF, Lupin and ACC are up with modest gains.
Junior Nifty stocks Reliance Communications Adani Enterprises, Mphasis, Adani Ports and Zee Entertainment are up 2.3% - 3.6%. Tata Global Beverages, Glenmark Pharmaceuticals, Glaxosmithkline Consumer Healthcare, Idea Cellular and Bajaj Finserv are also up with strong gains.
Crompton Greaves, Yes Bank, IDBI Bank, Titan Industreis, Bharat Forge, Dabur India, Godrej Properties, SAIL, Container Corporation and Divi's Laboratories are all trading lower by 1% - 2%.