The key benchmark indices have plunged in early deals tracking losses in other Asian markets. Heavy selling has emerged in banking, IT and realty stocks.
The benchmark Sensex is down 2.5 per cent and is trading at 9,788 levels. In the broader markets, the Nifty has lost 70 points and is at 3,037.
“The current rally is a long-term trend-deciding rally. However, the markets are likely to witness some correction at this stage,” said Shrikant Chouhan, technical analyst with Kotak Securities.
Among the sectoral indices, the BSE banking index has shed 3.3 per cent and the BSE IT index has lost 3.2 per cent. The realty index on the BSE has also dropped more than 3 per cent.
Among the Sensex scrips, ICICI Bank is the biggest loser. It has plunged 4.8 per cent in early trade. Sterlite, Tata Steel, JP Associates and Infosys are the other main losers in the pack, down more than 3.8 per cent each.
However, Sun Pharmaceutical is the only gainer in the group, up 1.8 per cent.
Asian markets are trading sharply lower today. Hong Kong’s Hang Seng, Japan’s Nikkei and South Korea’s Kospi are down more than 1.8 per cent each. Hong Kong’s Hang Seng has plunged more than 3 per cent today.
