Sensex down 383 points, banking stocks fall

A benchmark index of Indian equities markets was trading 383 points or 1.29 percent down in Friday's afternoon trade session, as banking, consumer durables and automobile stocks declined.

The markets plunged after scaling a new high of 29,844.16 points in the morning trade session. It surpassed the previous high of 29,786.32 points touched Jan 28.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 29,801.60 points, was trading at 29,299.09 points (12.40 p.m.), down 382.68 points or 1.29 percent from the previous day's close at 29,681.77 points.

The Sensex touched a high of 29,844.16 points and a low of 29,232.96 points in the trade so far.

Selling pressure was observed in banking, consumer durables, automobile, healthcare and fast moving consumer goods (FMCG) stocks. While healthy buying took place in information technology (IT), realty and power sectors.

The S&P BSE bankex was down 508.30 points, followed by consumer durables index which was lower by 153.93 points, automobile index declined by 140.28 point, healthcare index lost 90.27 points and FMCG index decreased by 66.89 points.

However, IT index was up 45.93 points, realty index was higher by 40.11 points and power index gained 20.14 points.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) was trading down 111 points or 1.24 percent at 8,841.35 points. The Nifty had touched a new record high in the morning trade at 8,996.60 points.