Sensex Falls 100 Points, Nifty Below 8,100; Banks Weigh
The Sensex and Nifty erased morning gains and fell in noon deals on the back of selling pressure in banking, metal, auto, oil & gas and pharma shares.
The Sensex which rose as much as 60 points and Nifty which touched high of 8,124 in the morning deals erased morning gains wherein the 30-scrip index declined 108 points to 26,288.95 and Nifty fell 33 points to 8,071.
Banking, metal, auto, oil & gas and pharma shares were witnessing selling pressure while buying was seen in IT and select consumer durable shares.
Banks were among the worst hit with Bank Nifty declining over 1 per cent or 199 points to 18,058. From the banking space, State Bank of India was the top loser, down 2.2 per cent to Rs 255.70. Canara Bank, Bank of Baroda, Yes Bank, ICICI Bank, Punjab National Bank, IndusInd Bank and Axis Bank were also among the laggards, down 1.4-2.1 per cent each.
From the Nifty basket of shares, 34 were declining while 17 were advancing.
Bosch was the top Nifty loser, down 2.6 per cent at Rs 19,305. Idea Cellular, Aurobindo Pharma, Bajaj Auto, Tata Steel, Adani Ports and Bharti Airtel were also among the laggards.
On the other hand, TCS was the top Nifty gainer, up 2.22 per cent at Rs 2,336. Tech Mahindra, Infosys, HCL Technologies and Wipro were also among the gainers from the IT space tracking strength in US dollar.
Most of the Tata group shares were trading higher after Cyrus Mistry resigned from six Tata group companies.
Selling pressure was broad-based as mid-cap and small-cap indices fell 0.86 and 0.5 per cent each respectively.
As of 1:33 p.m., Sensex was down 101 points at 26,274 and Nifty was at 8,075, down 29 points.
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