Sensex down more than 500 points

New Delhi : BSE Sensex on Monday fell more than 500 points on broad based selling. Sensex was trading at 71,077.75 points, down 517.74 points or 0.72 %. Among the Sensex stocks, NTPC, Kotak Mahindra Bank, Tata Steel, Indusind Bank, SBI are down more than 2 per cent.

Small and mid cap indices fell more than 2 per cent on Monday. PSU stocks index is down more than 4 per cent. Infrastructure index is down 4 per cent. Realty index is down 2.5 per cent. Power, oil and gas indices are down more than 2 per cent. SME IPO index is down more than 2 per cent. Except IT, pharma, auto all sectoral indices are trading in the red.

IT stocks in the Sensex are showing gains with Wipro up 2 per cent and HCL Tech up 2 per cent. PSU stocks are tanking with SJVN down 19.9 per cent, HUDCO and NBCC down 9.9 per cent, IFCI and MMTC down 4.9 per cent, all hitting the lower circuit on BSE.

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said with S&P 500 closing above 5000 for the first time, support from the mother market augurs well for the bulls. But the bears are likely to take cues from the rising US bond yields (10-year yield is at 4.17%) which normally triggers big selling from FIIs. However, the frothy valuations of the broader market are a matter of concern. From the long-term perspective, safety is in large-caps, he said.