The Nifty which opened the day lower continued to see selling pressure in noon trades, dropping to a 52-week low on sustained selling pressure.
Banking stocks were trading lower at 12 noon with with even blue chip banking names like HDFC Bank, ICICI Bank and IndusInd banking collapsing in trade. Infact, Yes Bank, Bank of Baroda, ICICI Bank, State Bank of India, IDBI Bank and Union Bank of India all hit their 52-week lows in trade today.
Metal stocks surprisingly rallied in noon today with Tata Steel leading gainers from the pack. The metal stock gained 4 per cent, while Sterlite Industries also rallied 4 per cent in trade, while Jindal Steel and Hindalco industries were up 3 per cent in trade.
IT stocks were trading higher with prominent gainers gainers being TCS, Infosys and HCL Tech. ITC, which has the highest weightage in the Nifty and the Sensex managed to hold ground and was trading marginally higher.
Blue chip construction and infra major Larsen and Toubro fell 2 per cent in early trade, while Jaiprakash was also down 3 per cent.
The auto pack which had shown some resilience in trade in the last few weeks also succumbed to selling pressure with notable losers from the space being Tata Motors, Bajaj Auto and Bharat Forge.
Gitanjali Gems which was locked at the upper end of the circuit filter was trading marginally lower, while Wockhardt finally saw some trading after opening from Friday's 5 per cent upper limit band.
Coal India was down 2 per cent, after reports of employee strike at the company. Hero Motor Corp which was among the few stocks that remained resilient in Friday's carnage fell in trade today despite reports of the two-wheeler re-organising its marketing team at the zonal level.
Meanwhile, most of Asia was trading with losses led by a sharp decline of more then 3 per cent in the Jakarta Composite.