Sensex down by over 540 points: HDFC, PowerGrid, Tech Mahindra among others trading in red

The key Indian equity indices declined on Wednesday with the BSE Sensex losing over 540 points. It was trading at 49,480.10 points at 03.02 pm. In the case of NSE, the indices were trading at 14,682.20 points, down by around 162 points.

Banking and finance stocks were trading in the red, down by over 1.63 per cent and 1.47 per cent respectively at 3.02 pm.

Manish Hathiramani, technical analyst with Deen Dayal Investments said, "The markets have reacted from yesterday's high. 14,950 is the key level to watch out for as that is the breakout level for the Nifty. If we can get past that, we should anticipate a target of 15,200-15,300." He added, "If we continue drifting downwards and break 14,500, there is a chance we go back into bear grip. It is a crucial juncture and measures to manage risk must be prioritised.”

At 3.07 pm, stocks of HDFC, HDFC Bank, Power Grid, Tech Mahindra and ICICI bank were down by 3.97 per cent or 103.30 points; 3.84 per cent or 59.80 points; 2.59 per cent or 5.75 points; 2.49 per cent or 25.30 points; and 1.76 per cent or 10.40 points respectively.

(With input from agencies)