Mumbai, May 4 (IANS): A benchmark index for Indian equities markets was trading 300.43 points down at around 3 p.m. Friday, led by selling pressure in banking, consumer goods, metals and auto stocks.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened in the red at 17,066.84 points, was ruling at 16,850.76 points, down by 1.75 percent or 300.43 points from its previous close at 17,151.19 points.

The Sensex touched a high of 17,121.37 points and low of 16,776.72 points in intra-day trade.

The wide-based 50-scrip S&P CNX Nifty of the National Stock Exchange was also down by 1.85 percent or 96 points at 5,092.40 points.

There was heavy selling pressure in banking, consumer goods, metals and auto stocks.

The BSE banking index was down by 3.02 percent or 351.73 points followed by consumer goods index that was down by 3.73 percent or 345.42 points; metals index was down by 2.59 percent or 280.98 points and auto index was down by 1.91 percent or 194.81 points.

Hero MotoCorp's scrip plunged 4.25 percent at Rs.1,984.20 on negative buyer sentiments. The other major auto company Bajaj Auto was also down 3.64 percent at Rs.1,503.70.

Banking stocks slumped a day 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 was down by 3.87 percent at Rs.2,004.45. Private lender ICICI Bank's scrip fell by 3.21 percent at Rs.830.

Other major Sensex losers included BHEL, down 4.97 percent at Rs.214, L&T, down 3.96 percent at Rs.1,152.10, Tata Steel, down 3.26 percent at Rs.433.70 and DLF, down 2.80 percent at Rs.182.20.

Only three of the 30 Sensex scrips were in the positive terrain. These were Cipla, up 2.27 percent at Rs.324.60; Wipro, up 0.72 percent at Rs.415.25 and Hindustan Uniliver, up 0.10 percent at Rs.434.05.