Equity market down around 1%; banking stocks tank

Mumbai: Heavy selling pressure in banking, automobile, healthcare and consumer durables stocks pulled the Indian equity market lower by around 1 per cent during Monday’s afternoon trade session.

However, global cues such as positive Asian markets aided in arresting the downward spiral.

At 1.10 p.m., the S&P BSE Sensex traded lower by 328.04 points or 0.91 per cent at 35,697.50 points.

The broader NSE Nifty50 lost 104.20 points or 0.97 per cent at 10,676.35 points.

The Sensitive Index of the BSE, which had closed at 36,025.54 points on Friday last week, opened higher at 36,099.62 points.

On January 25, the previous trade session, the Sensex had edged lower by 169.56 points or 0.47 per cent. The Nifty too went down by 69.25 points or 0.64 per cent.