Mumbai: The Indian stock market's benchmark Sensex slumped by over 650 points in the afternoon session on Thursday from its day's high, dragged by heavy selling in IT and energy stocks.
The 30 stock S&P BSE Sensex was trading 170.44 points or 0.30 per cent down at 56,427.84 points at 1.30 pm against its previous day's close at 56,598.28 points. Earlier, the Sensex started the day sharply higher at 56,997.90 points and jumped to a high of 57,166.14 points in the early morning session.
The market witnessed heavy selling pressure in the afternoon session dragging the Sensex down to 56,314.05 points.
The market is under selling pressure for the seventh consecutive day. The Sensex had lost 509.24 points or 0.89 per cent on Wednesday.
The broader Nifty 50 of the National Stock Exchange was trading 30.85 points or 0.18 per cent down at 16,827.75 points against its previous day's close at 16,858.60 points.
The Nifty started the day with a significant gain at 16,993.60 points and soared past 17,000 points mark in the early morning session. It touched a high of 17,026.05 points. The Nifty fell sharply in the afternoon session hitting a low of 16,788.60 points.
Asian Paints slumped 4.60 per cent to Rs 3406.90. There was heavy selling pressure in IT stocks. Tech Mahindra slumped 2.27 per cent to Rs 1006.20. Tata Consultancy Services dipped 1.34 per cent to Rs 2996.70. Wipro was down 1.26 per cent.
Titan, L&T, Kotak Bank, Maruti Suzuki, State Bank of India, Bajaj Finance and ICICI Bank were among the major Sensex losers.
Dr Reddy's Laboratories jumped 2.98 per cent to Rs 4394.25. ITC soared 2.69 per cent to Rs 333.65. Tata Steel, Sun Pharma, NTPC, Mahindra & Mahindra, IndusInd Bank, UltraTech Cement and Infosys were among the major Sensex gainers.
The index heavyweight Reliance Industries Limited was trading 0.39 per cent down at Rs 2325.