Sensex slips 280 points

A benchmark index of Indian equities markets Thursday tanked 280 points or 1.10 percent as the new government began presenting its maiden budget, wiping off the early gains.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 25,513.74 points, was trading at 25,164.17 points (at 11.30 a.m.) trade session, down 280.64 points or 1.10 percent from the previous day's close at 25,444.81 points.

The markets had earlier made gains of about 64.08 points or 0.25 percent around 9.20 a.m. as automobile, capital goods and consumer durables stocks surged.

Heavy selling pressure was observed in bank, capital goods, metal, consumer durables, oil and gas and automobile sector.

The Sensex touched a high of 25,613.72 points and a low of 25,162.53 points in the trade so far.

The S&P BSE bank index tanked 288.71 points, followed by capital goods index which slipped 265.51 points, metal index decreased by 237.58 points, consumer durables index fell 229.38 points, oil and gas index was lower by 184.70 pointa, automobile index slipped 117.74 points and healthcare index fell 120.76 points.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) was trading at 76.70 points or 1.01 percent, down at 7,508.30 points.