Benchmark indices lost heavy ground in trade with huge selling pressure seen in select IT stocks and private sector banking stocks, though PSU Banking stock saw solid buying.
The Sensex was trading with losses of 255 points, while the Nifty was trading with losses of 70 points. But, it was the PSU Banking space which were the clear winners in trade after the government announced a solid 7 point programme for their revival.
The PSU Banking index was up up a huge 4 per cent in trade. IT stocks were the ones that were adding pressure on the indices with TCS and Infosys among the early losers.
The private sector banking space was seeing huge selling pressure with notable losers being ICICI Bank, HDFC Bank, IndusInd Bank and Kotak Mahindra Bank.
Cipla which reported a good set of numbers lost ground despite results largely meeting expectations. Metal stocks were finally seeing some buying interest with NMDC and Tata Steel among the early gainers.
Meanwhile, markets across Asia were trading with losses led by the Shanghai Composite and the Hong Kong's Hang Sang.