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Mumbai: The Indian stock markets' key indices, Sensex and Nifty, slumped by more than two per cent on Thursday dragged by heavy selling pressure in banking and metal stocks as high US inflation data dampened investors' confidence.
The 30 stock S&P BSE Sensex was trading 1089.11 points or 2.01 per cent down at 52,999.28 points at 12.53 pm, against its previous day's close at 54,088.39 points. Earlier, the Sensex started the trade deep in the red at 53,608.35 points and slumped to a low of 52,957.20 points.
This is the fifth straight session of loss in the benchmark Sensex. The Sensex had lost 276.46 points or 0.51 per cent on Wednesday.
The broader Nifty 50 of the National Stock Exchange dipped 333.15 points or 2.06 per cent to 15,833.95 points against its previous day's close at 16,167.10 points.
The Nifty 50 is trading in the red for the fifth straight day. The Nifty had slumped 72.95 points or 0.45 per cent on Wednesday.
IndusInd Bank tumbled 5.45 per cent to Rs 872.90. Tata Steel dipped 4.57 per cent to Rs 1113. Bajaj Finance fell 4.64 per cent to Rs 5536.75. Bajaj Finserv was trading 3.81 per cent down at Rs 12810.60.
State Bank of India slumped 3.47 per cent to Rs 460.05. HDFC Bank was down 3.07 per cent to Rs 1306.65.
The index heavyweight Reliance Industries was trading 1.80 per cent down at Rs 2405.75.
Only four of the 30 scrips that are part of the Sensex were trading in the positive. HCL Technologies was up 0.79 per cent at Rs 1063.50. TCS, Wipro and Tech Mahindra were trading in the positive.