Sensex Tumbles 740 Pts., Nifty Below 14350; Auto, PSU Bank Top Laggards

Benchmark indices partially came off their day's low but traded weak by almost 1% in the noon trade. At the close, Sensex shed 740 points to 48,440, while Nifty lost 224 points to settle at 14325. Nifty Bank also gave up 286 points or 0.86%.

Among Nifty sectoral indices, all the indices traded in the red, with only gainer being Nifty metal which was only marginally up.

Sensex Tumbles 740 Pts., Nifty Below 14350; Auto, PSU Bank Top Laggards

Shares of Laxmi Organic debuted at Rs 155.50 on the NSE, a premium of 20 per cent over the issue price, while Craftsman Automation listed at a discount of 9%.

After the SC in its verdict on a batch of plea relating to interest waiver case lifted the stay on the classification of loan account as NPA, there is expected to be a significant dent on the PSB stocks. In today's session, the stock of SBI cracked by up to 4% to day's low price of Rs. 345.20.

Telecom stocks also were under pressure on stock-specific development with both Airtel and Vodafone Idea shares dragged to their over 3-month low price.

Meanwhile, European indices at the time of writing this copy traded mixed with FTSE up and German DAX and French CAC down. Also US stock futures traded in the green indicating positive opening in the US markets.

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