The benchmark indices shed more than half a per cent for the second consecutive day, amid a volatile trading session, dragged by selling pressure in private sector banking and auto shares. The BSE index gyrated in an intra-day range of more than 700 points between a high of 51,903.95 and a low of 51,186.68 before ending at 51,324.69, weaker by 379.14 points or 0.73 per cent. The Nifty also swung between an intra-day high of 15,250.75 and a low of 15,078.05 before closing at 15,118.95, down 89.95 points or 0.59 per cent.
Meanwhile, the RailTel Corporation IPO has been subscribed 19.5 times thus far. The Rs 819-crore offer has received bids for 119.3 crore equity shares against IPO size of over 6.11 crore shares, the subscription data available on the exchanges showed. The IPO will be closed for bidding at 5:00 pm this evening.
Private sector banking stocks faced immense selling pressure, with the likes of ICICI Bank, HDFC Bank, HDFC and Kotak Mahindra Bank losing around 1 per cent each on the BSE.