Sensex Opens Lower As Selling Stampede Continues

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Benchmark Indian indices opened lower as Global markets continued to see huge selling pressure with the Japanese Nikkei falling a huge 7-per cent in two trading days. The Singapore's Strait Times also dived, while other Asian markets like the Chinese Shanghai and the Hong Kong's Hang Sang were closed for trading.

Sensex Opens Lower As Selling Stampede Continues
The Sensex was trading with losses of 142 points, while the Nifty was down 43 points in trade. Banking stocks which were resilient on Tuesday saw some heavy cuts, as Dena Bank and Allahabad Bank both reported dismal numbers. This came after PNB saw its net profits falling sharply.

IT stocks, which saw some deep cuts on Friday were resilient to the market fall. Infosys and HCL Tech were the early gainers in trade. Tata Motors was the biggest Sensex loser dropping 3% in trade.

Allahabad Bank dropped 5 per cent, after the bank slumped into losses. BPCL, HUL and Maruti were the only stocks from the Nifty that managed to gain ground.

Prestige Real Estate fell after the company reported a drop in net profits. The stock was down almost 7 per cent. Britannia on the other hand gained after its net profits beat market estimates.

Metal stocks were having a quiet session in trade. Hindalco was trading flat, after the company reported a profit, despite markets expecting losses, after a slump in metal prices.

Meanwhile, markets across Asia were trading weak in line with most global cues.

Read more about: sensex, nifty, maruti, allahabad bank
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