The Sensex and the Nifty fell further in opening trade today with weak global cues once again seeing selling pressure in stocks.
The Sensex was trading with losses of 129 points and has now lost 2000 points in 15 days. Banking stocks once again cracked with ICICI Bank, State Bank of India, Axis Bank and Yes Bank among the top losers. PSU Banking stocks like Syndicate Bank, Oriental Bank of Commerce, Allahabad bank and Andhra Bank were among the losers.
Tata Steel was trading higher after reports that the Odisha government has allowed 4 mines of Tata Steel to resume iron ore mining. Oil major, ONGC was trading higher after reports that ONGC Videsh (OVL) wins offshore oil block in New Zealand.
Mid cap stocks also saw heavy selling pressure with Biocon, Bharat Forge, Aurobindo Pharma and IGL among the major losers. Jubilant Food and Just dial, however, managed to gain ground.
Asian markets meanwhile managed to recover and were trading higher with the Chinese Shanghai Composite and the Indonesian Jakarta Composite higher in trade.