The stock market's benchmark Sensex slumped 638 points on Monday dragged by last-hour heavy selling in auto, FMCG and banking stocks.The 30-stock S&P BSE Sensex slumped 638.11 points or 1.11 per cent to 56,788.81 points against its previous session's close at 57,426.92 points.

Earlier, the Sensex started the day marginally down at 57,403.92 points but witnessed heavy selling pressure. The Sensex slumped to a low of 56,875.05 points in the morning session. The Sensex briefly turned positive later rising to a high of 57,454.84 points.The markets witnessed heavy selling towards the end of the trading session dragging the Sensex down to 56,683.40 points in the intra-day.

Nifty sinks 1.20 pc

The broader Nifty 50 of the National Stock Exchange slumped 207.00 points or 1.21 per cent to 16,887.35 points against its previous session's close at 17,094.35 points. Earlier, the Nifty started the day in the positive at 17,102.10 points and rose to a high of 17,114.65 points. The Nifty fell sharply within an hour of the opening of the trade. It slumped to a low of 16,855.55 points in the intra-day.

Maruti Suzuki slumped by 3.16 per cent to Rs 8,544. Hindustan Unilever dipped 2.77 per cent to Rs 2,622.20. ITC slumped 2.32 per cent to Rs 324.30. There was heavy selling pressure in banking and financial stocks. IndusInd Bank slumped 2.55 per cent to Rs 1,156.10. State Bank of India dipped 2.15 per cent to Rs 519.65. Kotak Bank slumped 2.03 per cent to Rs 1,784.35. ICICI Bank dipped 1.71 per cent to Rs 848.05.Bajaj Finance, L&T, Axis Bank, Bajaj Finserv, Mahindra & Mahindra, Infosys and Asian Paints were among the major Sensex losers.

Dr Reddy’s rally

The index heavyweight Reliance Industries Limited closed 0.14 per cent down at Rs 2,374.30. Only four of the 30 scrips that are part of the benchmark Sensex closed in the positive. Dr Reddy's Laboratories jumped 1.99 per cent to Rs 4,420.15. Bharti Airtel, NTPC and Wipro also closed in the positive.

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