Sensex volatile; Reliance Comm, ICICI Bank plunge

MUMBAI - A benchmark index of Indian equities turned positive in afternoon trade Thursday after plunging over 200 points earlier due to sharp fluctuations in banking scrips.

The benchmark index of the Bombay Stock Exchange (BSE) opened in the positive at 19,997.83 points and crossed the psychologically important 20,000-point mark within a few minutes.

However, heavy selling pressure in banking and telecom scrips dragged the 30-share index down to 19,615.51 points. The index was trading marginally higher in the afternoon.

At the National Stock Exchange (NSE), the 50-share S&P CNX Nifty also witnessed volatile trading. The index was 0.05 percent down at 5,985 points in the afternoon after declining to 5,909-point level in the morning session.

Broader market indices also witnessed volatile trading.

Reliance Communications plunged nearly seven percent to Rs.150, after a report by the Comptroller and Auditor General (CAG) said the company was given 2G licences cheaply, and may face legal hurdles.

ICICI Bank dropped over four percent to Rs.1,153.