Sensex tanks 650 points, auto, IT stocks fall (Ld)

Mumbai, Feb 22 (IANS) Continuing with its recent downturn, the BSE Sensex plunged over 650 points on Monday.Heavy selling was witnessed in auto, IT, FMCG and banking stocks. However, metal stocks soared amid rising prices of metals.Around 11.50 a.m., Sensex was trading at 50,234.90, higher by 654.86 points or 1.29 per cent from its previous close of 50,889.76.It opened at 50,910.51 and has recorded an intra-day high of 50,986.03 and low of 50,215.83 points.The Nifty50 on the National Stock Exchange was trading at 14,814.05, lower by 167.70 points or 1.12 per cent from its previous close.Along with a weak global trend, rising bond yields in the US and profit booking by investors also weighed on the domestic stock market, analysts said.The major losers on the Sensex so far were Mahindra & Mahindra, Axis Bank and Larsen & Toubro, while Tata Steel, ONGC, HDFC Bank and Kotak Mahindra Bank were the only gainers on the index.
--IANS rrb/sn/in