Market dips more than 400 points

Banks pull down markets massively. Nifty Bank was down 478.45 points or 1.76 per cent. Pharma stocks also experienced selling pressure. Other than IT and media all sectorial indices were trading in red.

In the last trading session at 14:34 hours, benchmark index Nifty50 was trading at 10,652.20, down by 128.35 points or 1.19 per cent, BSE Sensex was at 35,701.16, down 324.38 points or 0.90 per cent, while the most popular index Nifty Bank was at 26,636.85, down by 478.45 points or 1.76 per cent on Monday. Other banking indices, namely Nifty Fin Service index was down by 1.99 per cent, Nifty PSU Bank down by 1.68 per cent and Nifty Pvt Bank was down by 2.17 per cent.

ICICI Bank was the biggest dragger of major indices. Heavyweights including Reliance, HDFC, Bajaj Finance and ITC were dragging the BSE Sensex. Among index stocks, the other top losers were Adani Ports, IndiaBulls Housing Finance Bajaj Finserv, Yes Bank, Sun Pharma, Bajaj Auto and IndusInd Bank.

The southward rally in the market is attributed to F&O expiry, upcoming interim budget and broad-based correction in mid-caps.

Sectorally, beside Banking indices, the Pharma index was down 2.79 per cent, Auto index was down -1.61 per cent and FMCG was down 1.28 per cent.