The market is still under pressure as the Sensex is down 389.48 points or 1 percent at 29059.47. The Nifty is down 124.75 points or 1 percent at 8813. About 987 shares have advanced, 1613 shares declined and 189 shares are unchanged.
Indian equity benchmarks fell nearly 2 percent in afternoon trade on weakness in global markets. Investors feel the Federal Reserve could hike interest rates sooner rather than later after a strong US jobs report.
ICICI Bank, Sesa Sterlite, Hindalco Industries, GAIL and Axis Bank topped the selling on Sensex, down 3.5-4 percent. Infosys, HDFC Bank, L&T, ITC, HDFC, TCS, Reliance Industries, NTPC and M&M shed 1-3 percent.
Among information technology shares, Infosys is down 2%, TCS and Wipro have lost over 1% each. TCS fourth-quarter revenue is expected to be in line with last year trend which has brought selling pressure on the stock.
Capital Goods stocks too have suffered heavy losses. L&T has declined 1.6% and BHEL is down 2.3%.
European stocks were set to fall on Monday, tracking a sell-off on Wall Street after strong US jobs data fanned expectations that the Federal Reserve may raise interest rates sooner than previously thought.
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