Sensex sheds 49 pts; bank, tech stocks tumble

The Sensex has dropped 49 points to 7,748 as selling pressure has intensified in banking, heavyweights and tech stocks.

HLL has edged lower by 1.61% to Rs 165, while ONGC is trading lower at Rs 950. Reliance is down a per cent (Rs 4) at Rs 725.

ICICI Bank has slumped 2.81% (Rs 14) to Rs 499. While HDFC Bank has shed 1.48% (Rs 10) to Rs 674, SBI is down a per cent (Rs 4) at Rs 803.

Satyam has tumbled 3% (Rs 17) to Rs 523. Infosys is down a per cent (Rs 20) at Rs 2,292. TCS and Wipro are also trading with losses at Rs 1,284 and Rs 724, respectively.

Among auto majors Bajaj is still trading with steep losses at Rs 1,478 - down Rs 55 or 3.57%, while Hero Honda has lost 2.59% (Rs 16) to Rs 614.

Bharti has gained 3.87% (Rs 11) to Rs 295, while Tata Power has jumped 4.55% (Rs 19) to Rs 427.