Mumbai: The benchmark BSE Sensex plunged over 215 points Wednesday in the late afternoon trade as stocks led by metal sectors faced selling pressure after the Supreme Court cancelled 214 coal block allocations.
The Sensex after opening in positive zone, succumbed to selling pressure and dropped by 215.69 points, or 0.80 percent, to 26,560.00 at 1415 hours with capital goods, realty, consumer durables, metal and banking sector stocks retreating to selling pressure.
The NSE 50-share Nifty dipped below the 8,000 mark by falling 67.05 points, or 0.84 percent, to 7,950.05.
Major losers were Jindal Steel Power 9.77 percent to Rs 190.15, Hindalco by 0.38 percent to Rs 156.45
Other losers were ICICI Bank, HDFC Ltd, BHEL, Axis Bank, Bajaj Auto, Hero Motoco, Tata Motors, L&T, Tata Steel and TCS.
Brokers said the Supreme Court quashing allocations of 214 coal blocks, alloted since 1993, triggered selling towards the middle of session, leading to widespread losses.
Besides, persistent selling by foreign funds on the bourses also dampened sentiments, they said.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a whopping Rs 1,185.17 crore yesterday as per the provisional data issued by stock exchanges.
