The benchmark 30-share Sensex lost more than 500 points during the first hour of the trading session on Tuesday before recovering a part of the losses as investors reacted to the initial trends of the state elections results and the abrupt resignation of the Reserve Bank of India (RBI) Governor Urjit Patel.
The benchmark touched a low of 34,426.29 during the morning session, which was over 520 points lower than yesterday’s close of 34,959.72.
It, however, managed to recover a part of the losses and was trading lower by 371.05 points or 1.06% at 34,588.67 at 10:15am. As many as 25 stocks in the Sensex basket were in the red with banking and financial stocks leading the fall.
HDFC Bank, HDFC, ICICI Bank, IndusInd Bank, Reliance Industries and Kotak Mahindra Bank were among the top losers during the morning session.
However, the overall market breadth was balanced with gainers at 768 and declines at 917.
At 10:15 am, the broader Nifty was trading at 10,385.45 down 103 points or 0.98%.