Sensex plunges 215 pts at midsession after SC coal ruling

The benchmark BSE Sensex plunged over 215 points today in the late afternoon trade as stocks led by metal sectors faced selling pressure after the Supreme Court cancelled 214 coal block allocations.
The Sensex after opening in positive zone, succumbed to selling pressure and dropped by 215.69 points, or 0.80 per cent, to 26,560.00 at 1415 hours with capital goods, realty, consumer durables, metal and banking sector stocks retreating to selling pressure.
The NSE 50-share Nifty dipped below the 8,000 mark by falling 67.05 points, or 0.84 per cent, to 7,950.05.
Major losers were Jindal Steel Power 9.77 per cent to Rs 190.15, Hindalco by 0.38 per cent to Rs 156.45

Other losers were ICICI Bank, HDFC Ltd, BHEL, Axis Bank, Bajaj Auto, Hero Motoco, Tata Motors, L&T, Tata Steel and TCS.
Brokers said the Supreme Court quashing allocations of 214 coal blocks, alloted since 1993, triggered selling towards the middle of session, leading to widespread losses.
Besides, persistent selling by foreign funds on the bourses also dampened sentiments, they said.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a whopping Rs 1,185.17 crore yesterday as per the provisional data issued by stock exchanges.