Banking stocks open weak on BSE; HDFC falls over 1%

With the mortgage lender HDFC plunging over one per cent, financial stocks led the weakness in the broader market in the early morning trade.

Shares of HDFC declined by 1.33 per cent to touch an early low of Rs 718 per piece on the Bombay Stock Exchange, landing last amongst the 30-Sensex companies.

The private sector lender ICICI Bank also slipped 0.99 per cent at Rs 1,103 from the previous close. Similarly, shares of HDFC Bank fell as much as 0.73 per cent lower to Rs 2,421 per share in the morning trade.
    
The talespin in the stocks led to the banking index on the BSE emerging as the worst performer among the 13 sectoral indices during the morning trade, with a loss of 7.22 points at 13,911.90.
    
Shares of the country's largest bank SBI, however, supported the broader market by hitting a new high of Rs 3,208 per scrip with a gain of 0.88 per cent.
    
Meanwhile, the broader gauge Sensex was trading flat at 20,131.08 points in the opening trade.