Sensex Falls Over 300 Points, Nifty Below 7,550

BSE's benchmark index Sensex fell sharply in afternoon trade today after a strong start. Sensex fell over 300 points when it hit day's low of 25,249.35 while Nifty declined below the 7,550 mark.

Oil marketing companies were hit hard as crude oil prices touched a 9-month high on Iraq crisis. The BSE oil and gas sub-index traded 2.25 per cent lower.

HPCL was the top Nifty loser, down nearly 9 per cent, while Indian Oil and BPCL traded with nearly 7 per cent loss.

Profit-taking was also seen in power, realty and metal stocks that have outperformed the recent rally. DLF, Hindalco, NMDC and JSPL fell between 3.5 per cent and 4.5 per cent.

Some buying in IT stocks were seen as rupee hit a one-month low of 59.55 against the dollar. HCL Tech was the top gainer on Nifty which traded with gains over 2 per cent.

As of 1.20 p.m., Sensex traded 326 points lower at 25,250 whereas Nifty was trading down 101 points at 7,549.