The S&P BSE Sensex and NSE Nifty 50 indexes nosedived in afternoon trading as investors resorted to profit booking at higher levels, analysts said. Earlier in the day, benchmarks staged a gap up opening taking cues from strong session for equities in US. However, owing to profit taking, the Sensex slumped as much as 825 points from the day’s highest level and Nifty 50 index broke below 11,800 after moving above its important psychological level of 12,000 in morning deals.
As of 2:21 pm, the Sensex slumped 283 points to 40,261 and Nifty tumbled 99 points to 11,798.
Reliance Industries, Tata Consultancy Services, Hindustan Unilever, HCL Technologies, Bajaj Finance and Mahindra & Mahindra were among the top drags on the Sensex.
Nine of 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Pharma and FMCG indexes over 1 per cent decline. Auto, information technology, media, financial services and banking shares were also facing selling pressure.
On the other hand, metal and realty stocks were witnessing some buying interest.
Mid- and small-cap shares also came under selling pressure as the Nifty Midcap 100 index dropped 0.4 per cent and Nifty Smallcap 100 index slumped nearly 1 per cent.
Britannia Industries was top Nifty loser, the stock fell 4.4 per cent to Rs 3,397. Hero MotoCorp, Bajaj Finance, TCS, SBI Life, Reliance Industries, IndusInd Bank, Eicher Motors, State Bank of India, Shree Cements and Wipro also fell between 1.5-3 per cent.
On the flipside, Power Grid, Hindalco, Bharti Airtel, Tata Steel, NTPC and GAIL India were among the gainers.