Equity benchmarks continued to fall in afternoon trade with the Sensex declining 217.42 points to 27874 and the Nifty down 56.05 points at 8635.25. Banking & financials and technology stocks remained under pressure whereas FMCG and auto stocks gained.
Axis Bank retained its top position in the selling list, down 8 percent on disappointing earnings. ICICI Bank, Tata Motors, HDFC Bank, Asian Paints and Adani Ports were down 1-3 percent.
ITC shares rebounded after reporting better-than-expected cigarette volume growth of 7 percent in Q2. Bharti Airtel gained 2.6 percent after strong margin performance while Maruti Suzuki and Hero Motocorp climbed around 2 percent ahead of earnings.
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