Stock market declines, Sensex gives up 51,000

The key Indian equity indices dropped further in the afternoon trade with the BSE Sensex trading below the landmark 51,000-mark.
Around 2.55 p.m., the Sensex was at 50,979.44, lower by 349.64 points or 0.68 per cent from its previous close of 51,329.08.

It opened at 51,355.89 and has so far recorded an intra-day high of 51,512.86 and a low of 50,846.22 points.

The Nifty50 on the National Stock Exchange was trading at 15,022.95, lower by 86.35 points or 0.57 per cent from its previous close.

Heavy selling was witnessed in banking, telecom and capital goods stocks.

Bajaj Finserv, Mahindra & Mahindra and Tata Consultancy Services (TCS) were the top gainers on the Sensex so far, while HDFC Bank, Bharti Airtel and Axis Bank were the majors losers. - IANS