Sensex slides 265 points; FMCG, banking stocks dip

Mumbai (Maharashtra): The Indian equities markets benchmark Sensex fell 265 points at around noon trading on Tuesday due to heavy selling pressure in FMCG and banking stocks.

The 30 stock S&P BSE Sensex was trading at 57,027.27 points at 12.14 pm, which is 265.22 points or 0.46 per cent down from its previous day’s close at 57,292.49 points.

Earlier, the Sensex opened marginally higher at 57,297.57 points and rose to 57,340.42 points in the early morning trade. However, heavy selling pressure in FMCG, banking and auto stocks dragged Sensex down to 56,930.30 points.

The market is under selling pressure for the second consecutive day. The Sensex had lost 571.44 points or 0.99 per cent on Monday.

The broader Nifty 50 of the National Stock Exchange was trading 74.75 points or 0.44 per cent down at 17,042.85 points against its previous day’s close at 17,117.60 points. The Nifty had lost 169.45 points or 0.98 per cent on Monday.

FMCG and banking stocks fell sharply. Hindustan Unilever slumped 3.64 per cent to Rs 1976.80. Nestle India dipped 3.19 per cent to Rs 17290.

State Bank of India slumped 2.13 per cent to Rs 480.15. Axis Bank fell 2.13 per cent to Rs 710.95. HDFC Bank fell 1.35 per cent to Rs 1466.05.

The index heavyweight Reliance Industries jumped 1.82 per cent to Rs 2512 after petrol and diesel prices were hiked by 80 paise a litre each. Retail prices of petrol and diesel have been hiked after 137 days of freeze.

There was good buying support in IT stocks. Tech Mahindra surged 2.01 per cent to Rs 1511.50. Infosys, TCS, Wipro and HCL Technologies were also trading in the positive.