Sensex falls over 700 pts; banking, financial stocks slump

sensex

The BSE Sensex slumped over 700 points on Tuesday afternoon on heavy selling across sectors led by banking and financial stocks.

The markets, however, recovered from the lows, and at 3 p.m. the Sensex was trading at 38,308.15, at 359.18 points lower, or by 0.93 per cent, than its previous close of 38,667.33.

Around 2.13 p.m. the index fell 737.44 points to touch an intra-day low of 37,929.89 points. It has touched a high of 38,813.48 so far.

At 3 p.m., the Nifty50 on the National Stock Exchange was trading at 11,350.45, at 124 points lower, or by 1.08 per cent, than the previous close.

Among the stocks on the Sensex, Yes Bank lost the most. It declined by 22 per cent to trade at Rs 32 per share. The other major losers were IndusInd Bank (down 5.5 per cent), State Bank of India (4.98 per cent), Bharti Airtel (4.52 per cent) and ONGC (2.72 per cent).