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Markets reverse trend in afternoon trade

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Equity Indices opened higher and rose further to hit new intraday high in morning trade. However, after hovering near day’s high in mid-morning session, the benchmarks reversed their trend during first afternoon hours of on the back of a sharp selloff in HDFC Ltd, HDFC Bank, ICICI Bank, Kotak Bank, SBI and Reliance Industries.

The Sensex declined 178 points at 39,653 and the Nifty50 was down 47 points at 11,898 at 2.20pm.

Nifty PSU Bank index down 2.09percent with Bank of India, Union Bank, Indian Bank, and Allahabad bank as major index losers, while Nifty popular index Bank Nifty down 0.76% led by major falls in Yes bank, KOtak Bank, PNB, ICICI bank among others.

Shares of PC Jeweller fell about 5% after company posted net loss in the quarter ended March 2019.

Oil Marketing Company stocks gain as global crude oil price declines. BPCL, IOC, HPCL trade higher upto 3pc

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