Sensex dips 304 points; auto, banking stocks slump

Mumbai (Maharashtra) : 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 Rs 2346.20. Kotak Bank dipped 2.25 per cent to Rs 1767.95. HDFC Bank slipped 1.26 per cent to Rs 1475.65.

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

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