New Delhi, India (BBN)-The BSE benchmark Sensex fell over 100 points in the opening deals on the back of selling in FMCG, banking, auto and oil & gas stocks.
The 50-share Nifty fell below its psychological level of 8,200 led by losses in ITC, GAIL India, ICICI Bank, Punjab National Bank, Yes Bank and HUL, reports NDTV.
FMCG stocks came under heavy selling pressure after the state governments of Delhi and Kerala banned Maggi after they found high levels of lead and monosodium glutamate in its flagship product Maggi.
Earlier, the state government of UP banned Maggi for the same controversy.
The shares in Nestle fell 5 per cent to Rs 6,466. Losses in Nestle also led to selling in other FMCG stocks such as ITC and HUL.
Banking shares fell for the second straight day after Tuesday’s interest rate cut.
The Bank Nifty fell 1 per cent shares such as State Bank of India, ICICI Bank, Yes Bank, Punjab National Bank and IndusInd Bank were among the leading losers on the Nifty.
As of 9:33 am, the Sensex was down 95 points at 27,093 and the Nifty fell 31 points to 8,205.