Equity indices tumble amid weak global cues, banking and IT stocks suffer

Equity benchmark indices tumbled over half per cent during early hours on October 14 tracking Asian peers as halted COVID-19 vaccine trials soured investor risk appetite.

Besides, the International Monetary Fund (IMF) revised its projection of contraction in India's GDP for current fiscal year to 10.3 per cent from 4.5 per cent earlier, citing a rise in COVID-19 cases.

At 10:15 am, the BSE SandP Sensex was down by 232 points or 0.6 per cent at 40,393 while the Nifty 50 lost by 88 points or 0.73 per cent at 11,847.

All sectoral indices at the National Stock Exchange were in the red zone with Nifty private bank down by 1 per cent, PSU bank by 0.7 per cent, IT by 1.1 per cent and metal by 0.9 per cent.

Among stocks, Wipro slipped by 6.5 per cent to Rs 351.45 per share despite improving its performance in the second quarter of FY21 on several parameters.