After moving in and out of positive territory for a better part of the morning session, the market has plunged sharply in afternoon trade with share from information technology, realty and capital goods sectors declining on selling pressure.
Bank stocks are well off their highs. Power, oil, metal and automobile stocks too have given up most of their gains. Healthcare stocks are weak as well, while select FMCG stocks are trading higher.
The Sensex, which declined to 22,348.38, is now down 109 points or 0.48% at 22,375.93. The Nifty is down 32.55 points or 0.48% at 6700.55, off the day's low of 6691.55.
Amid concerns the central bank might note reduce rates in the foreseeable future, due to worries about inflation, realty stocks are seeing a sell-off today.
Among realty stocks, DLF has tumbled byabout 4%. Unitech, Indiabulls Real Estate, HDIL, Delta Corp, Sobha Developers and Prestige Estates are also down sharply.
BHEL, BPCL, Infosys, IDFC, Kotak Bank, Hero Motocorp, Tata Consultancy Services, HDFC and Wipro are down 1.5% - 3%.
Cipla, NTPC, Power Grid Corporation, Coal India, Dr Reddy's Laboratories, Larsen & Toubro, ACC, Mahindra & Mahindra, Sesa Sterlite and Tata Power are also notably lower.
Bucking the trend, ITC, Maruti Suzuki, Bank of Baroda, IndusInd Bank, ICICI Bank, Punjab National Bank and GAIL India are up in positive territory, gaining 0.4% - 1.2%.
Reliance Communications (up marginally at Rs 133.50) has announced a 20% hike in tariff, applicable pan-India across pre-paid segment. The company has also hiked new acqusition tariffs by 20 paise per minute.