Sensex tanks 354 pts; HDFC twins succumb to sell-off

The BSE benchmark Sensex cracked about 354 points on Wednesday, pressured by a sudden sell-off in HDFC and HDFC Bank amid grim global cues.

The 30-share Sensex lost 353.87 points, or 0.91 per cent, to close at 38,585.35, while the broader NSE Nifty dropped 87.65 points, or 0.75 per cent, to 11,584.30.

HDFC Bank slumped 2.07 per cent, while HDFC lost 1.96 per cent.

The HDFC duo collectively accounted for almost half of the Sensex's 354-point loss.

Traders said the HDFC duo succumbed to a late-session sell-off following reports of PE giant KKR offloading some stake in the two companies.

Market sentiment was also hit by the IMF downgrading the global growth forecast to 3.3 per cent for 2019, they added.