Rate Hike Jolt: Sensex down nearly 600pts; bank stocks slide

The Sensex is now down 577 points at 13,772.

The NSE Nifty is down 156 points at 4,176.

HDFC Bank has slumped 9.5% to Rs 1,020. ICICI Bank has tumbled 8.3% to Rs 608, and HDFC has shed 6.8% at Rs 2,071. SBI has slipped 6.3% to Rs 1,328.

Maruti has plunged 6.8% to Rs 569. DLF has dropped 6.5% to Rs 467.

Reliance Infrastructure, Jaiprakash Associates and Mahindra & Mahindra have slipped nearly 6% each to Rs 929, Rs 152 and Rs 499, respectively.

Tata Motors has dropped 5.5% to Rs 403. ACC, Larsen & Toubro and Hindalco have declined 4.7% each to Rs 565, Rs 2,594 and Rs 139, respectively.

NTPC and Reliance Communications have shed 4.3% each at Rs 177 and Rs 490, respectively. ONGC is down 4% at Rs 972.

Sterlite has moved up 1.8% to Rs 593.