Mumbai, May 7 (IANS): A benchmark index for Indian equities markets was trading 193.40 points down at around 2.00 p.m. Monday, led by selling pressure in banking, metals and auto stocks.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened in the red at 16,620.44 points, was ruling at 16,637.68 points, down by 1.15 percent or 193.40 points from its previous close at 16,831.08 points.
The Sensex touched a high of 16,659.58 points and low of 16,513.77 points in the intra-day trade. The Sensex midcap was down by 59.05 points and smallcap fell by 63.37 points.
The wide-based 50-scrip S&P CNX Nifty of the National Stock Exchange was down by 1.82 percent or 92.70 points at 4,994.15 points.
There was heavy selling pressure in banking, metals and auto stocks.
The BSE banking index was down by 2.05 percent or 231.11 points followed by metals index was down by 0.90 percent or 95.10 points, auto index was down by 0.92 percent or 92.33 points and oil and gas index down by 1.41 percent or 83.88 points.
Banking stocks slumped a week after the Reserve Bank of India (RBI) announced guidelines for implementation of the Basel III norms. The country's largest lender State Bank of India (SBI) was down by 2.33 percent at Rs.1,947.15. Private lender HDFC Bank's scrip fell by 3.05 percent at Rs.520.40 and ICICI Bank, fell 1.67 percent at Rs.820.
Hero MotoCorp's scrip plunged 3.36 percent at Rs.1,914.30 on negative buyer sentiments. Stock of other major auto companies were also trading lower such as Mahindra and Mahindra, down 2.38 percent at Rs.671.50 and Tata Motors, down by 0.53 percent at Rs.299.90.
Among other major Sensex losers, Reliance Industries, down 2.20 percent at Rs.710.45, TCS, down 1.54 percent at Rs.1,258.45, ITC, down 1.39 percent at Rs.234.80, Hindustan Uniliver, down at 1.24 percent and Sterlite Inds, was down 1.24 percent at Rs.99.85.
Only seven of the 30 Sensex scrips were in the positive terrain. These were BHEL, up 3.04 percent at Rs.220.60; L&T, up 1.18 percent at Rs.1,161.50, Bharti Airtel, up 0.85 percent at Rs.315, Maruti Suzuki, up 0.80 percent at Rs.1,293.40 and Cipla, up 0.55 percent at Rs.327.