Volatile trading at Indian equities; IT, banking stocks slump

Mumbai (Maharashtra) [India], August 23 (ANI): The Indian stock market's key indices, Sensex and Nifty, witnessed volatile trading with negative bias on Tuesday dragged by heavy selling pressure in IT and banking stocks.
The 30 stock S&P BSE Sensex was trading at 58,736.90 points at 11.57 am, which is 36.97 points or 0.06 per cent down from its previous day's close at 58,773.87 points.
Earlier, the Sensex started the day deep in the red at 58,205.97 points and slumped to a low of 58,172.48 points in the early morning session.
The markets turned positive within an hour of the opening of the trade with the benchmark Sensex soaring past 59,000 points. The Sensex rose to a high of 59,068.25 points.
The Indian equities market key indices are under selling pressure for the third consecutive trading session. The Sensex had slumped 872.28 points or 1.46 per cent on Monday.
The broader Nifty 50 of the National Stock Exchange was trading 19.60 points or 0.11 per cent down at 17,471.10 points against its previous day's close at 17,490.70 points.
The Nifty had lost 267.75 points or 1.51 per cent on Monday.
There was heavy selling pressure in IT and banking stocks.
Infosys slumped 2.39 per cent to Rs 1537.85. Tech Mahindra dipped 2.16 per cent to Rs 1055.25. TCS slumped 2.13 per cent to Rs 3282.90.
HCL Technologies, Wipro, IndusInd Bank, Axis Bank, HDFC Bank, Hindustan Unilever and HDFC were among the major Sensex losers.
Mahindra & Mahindra surged 2.80 per cent to Rs 1260.70. Bajaj Finserv rose 2.58 per cent to Rs 16281.70. Bharti Airtel, Tata Steel, Sun Pharma, State Bank of India, Power Grid Corporation, Bajaj Finance and Nestle India were among the major Sensex gainers.
The index heavyweight Reliance Industries Limited was trading 0.42 per cent higher at Rs 2617.75. (ANI)