Sensex slips 500 pts; banks, IT, oil stocks drag; SAIL up 5%

Frontline indices were trading near day’s low in late morning deals as the Sensex was down 517.63 points or 1.50 percent at 33,895.53 and the Nifty fell 163.50 points or 1.55 percent to 10,413.40.

The broader markets continued to outperform, with the Nifty Midcap falling only 0.6 percent. About 1,529 shares declined against 839 advancing shares on the BSE.

Banks, technology and oil & gas stocks drove the market lower while metals stocks outperformed.

SAIL gained 2.5 percent after the company turned profitable in Q3 with net at Rs 43 crore against loss of Rs 794.84 crore in year-ago.

Revenue from operations grew by 35.6 percent to Rs 15,323 crore YoY.

Operating profit stood at Rs 1,439.6 crore against loss of Rs 42.9 crore in same quarter last year.

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Sensex slips 500 pts; banks, IT, oil stocks drag; SAIL up 5%