D-Street Buzz: These sectors are sinking the Indian market

The S&P BSE Sensex plunged more than 650 points in intraday trade to slip below 41,000 levels while Nifty50 gave broke below 12,050 on the downside thanks to rising geopolitical concerns which send crude higher and India Gold to fresh record highs.

A strong wave of selloff emerged across the sectors after Asian shares plunged from an 18-month top and crude oil prices jumped to a 4-month peak.

Around 11:50 hours IST, the BSE Sensex was 644 points, or 1.55 percent, down at 40,821 while Nifty was 194 points, or 1.59 percent, down at 12,032.

Sectors that dragged the most

BSE Metal

The BSE Metal index cracked 3 percent, led by losses in Coal India, Hindalco, Vedanta, JSW Steel and Tata Steel. All the components of the index were in the red at the time of writing of this report, with shares of Coal India as the top losers, down 4 percent.

BSE Bankex

The bank index fell 2 percent with State Bank of India, Yes Bank, Federal Bank and RBL Bank as the top losers, falling between 3 to 4 percent.

At the time of writing of this report, City Union Bank was the only stock in the index that was marginally up by 0.17 percent.

BSE Finance

Out of the total 107 stocks in the pack, 98 were in the red around 11:50 hours IST. The index was down 2 percent with HDFC twins, ICICI Bank, State Bank of India, Bajaj Finance, Axis Bank, IndusInd Bank, Kotak Mahindra Bank and Bajaj Finserv as the top drags.

BSE Auto

The index fell 2 percent. Out of total 16 stocks, 15 were in the red around 11:50 hours, with Ashok Leyland, Motherson Sumi, Maruti, Hero MotoCorp, Tata Motors, Mahindra & Mahindra and MRF as top losers, falling up to 4 percent.

BSE Realty

The index fell 2 percent, dragged by losses in shares of DLF, Godrej Properties, Oberoi Realty, Prestige Estates Projects, Sunteck Realty and Indiabulls Real Estate, falling up to 3 percent.