Sensex dips 304 points; auto, banking stocks slump

The Indian equities markets benchmark Sensex closed 304 points down in a volatile trade on Wednesday dragged by heavy selling pressure in auto and banking stocks.

The 30 stock S&P BSE Sensex ended the day at 57,684.82 points, which is 304.48 points or 0.53 per cent down from its previous day’s close at 57,989.30 points.

The markets witnessed volatile trading. The Sensex opened in the positive at 58,198.64 points and surged to a high of 58,416.56 points in the early morning trade. The index slipped into negative at around noon. It dipped to a low of 57,568.59 points in the intra-day.

The Sensex had gained 696.81 points or 1.22 per cent on Tuesday.

The broader Nifty 50 of the National Stock Exchange fell 69.85 points or 0.4 per cent to 17,245.65 points against its previous day’s close at 17,315.50 points. The Nifty had lost 197.90 points or 1.16 per cent on Tuesday.

HDFC slumped 2.36 per cent to ₹2346.20. Kotak Bank dipped 2.25 per cent to ₹1767.95. HDFC Bank slipped 1.26 per cent to ₹1475.65.

There was heavy selling pressure in auto stocks. Maruti Suzuki slumped 1.54 per cent to ₹7643.80. Mahindra & Mahindra slipped 1.33 per cent to ₹774.15.

Dr Reddy’s Laboratories surged 2.31 per cent to ₹4125.15. Tata Steel rose 2.15 per cent to ₹1330.50. ITC surged 0.86 per cent to ₹251.95. Power Grid Corporation, NTPC, IndusInd Bank, Reliance Industries and UltraTech Cement were among the major Sensex gainers.