Indian benchmark indices BSE Sensex and NSE's Nifty 50 plunged sharply by half a percent in the afternoon trade on Wednesday, dragged by banking and financial services stocks. Most Nifty sectoral indices, including banking, metals, IT and FMCG remained in the red territory falling nearly 0.50 percent. At 01:53 PM, Sensex was down by 224.76 at 38,714.46 and Nifty was down about 51.30 points at 11,620.65.

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However, at 1:30 PM sharp, Nifty’s volatility index was low at 0.36 percent. Among Nifty50 stocks, the major loser was Hindalco, which was down about 3.18 percent. TCS plunged by 2.13 percent, HDFC tanked 1.89 percent, HDFC Bank slipped 1.95 percent along with others.

Meanwhile, among Sensex companies, TCS and HDFC Bank dived the most by 1.84 and 1.83 percent respectively. HDFC was down 1.82 percent and Asian Paints sunk 1.45 percent with many other large cap stocks.

The market sentiment was mostly impacted after the International Monetary Fund cut India’s growth forecast by 20 basis points to 7.3 percent for the current financial year, citing National Accounts Statistics data, which indicated a softer underlying momentum than what is being paraded.

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