Sensex Drops Over 550 Points From Day's High, Nifty Slides Below 11,650

The S&P BSE Sensex and NSE Nifty 50 Indexes erased intraday gains owing to selling pressure in stocks like Indiabulls Housing Finance, Yes Bank, Reliance Industries, ICICI Bank, Mahindra & Mahidra and Bharti Airtel. The Sensex dropped as much as 555 points from intraday high of 39,435.80 and the NSE Nifty 50 Index fell below important level of 11,950. The benchmarks opened higher and Sensex advanced nearly 400 points and the Nifty mo...