The market has plunged sharply in mid afternoon trade with investors indulging in some heavy selling at several counters from across various sectors. The Sensex is down 176.78 points or 0.77% at 22,699.76, well off a new all-time high of 22,939.31 it touched earlier in the day. The Nifty, which rose to 6869.85, is currently down 56.50 points or 0.84% at 6784.30.
Oil and FMCG stocks are among the most prominent losers. Bank, capital goods and power stocks are the other notable losers.
Realty sotcks are trading higher. Select healthcare, metal and information technology are up with notable gains.
Maruti Suzuki is down 2.7% at Rs 1929. The carmaker said net profit declined 35.46% to Rs 800.05 crore on 9.03% decline in total income from operations to Rs 12101.39 crore in the quarter ended March 2014, from the year ago period.
ICICI Bank is trading 2.4% down at Rs 1267.50. The private sector bank major posted a net profit of Rs 2652.01 crore for the quarter ended 31 March 2013, up 15.1% from the year ago period. Total income was up 15.05% at Rs 14,465.34 crore in the fourth quarter of fiscal 2014, from the previous corresponding quarter.
NTPC, ITC, Hindustan Unilever, Hero Motocorp, Reliance Industries, GAIL India and Cipla are down 1.3% - 2.5%. Wipro, Larsen & Toubro, HDFC Bank, Hindalco, Tata Power, Tata Consultancy Services, ONGC, Axis Bank and Bajaj Auto are lower by 0.5% - 1%.
MRPL, MRF, Ambuja Cements, Crompton Greaves, Ultra Tech Cement, ACC, Ramco Cements, Petronet LNG, Suzlon Energy, JP Power, BPCL, Hindustan Copper, South Indian Bank, CESC and Hindustan Petroleum Corporation are down 3% - 6.5%.