01 Feb 03.10 PM: Indices decline further; Jet Airways tumble

After recovering from the mid-morning decline, both the Sensex and Nifty went past their morning highs by early afternoon. However, heavy selling in select index stocks saw the indices decline rapidly.

Jet Airways took a heavy knock in early afternoon trades and the stock is trading nearly 6.5 per cent lower at Rs933 on the NSE.

Zee Tele has lost further ground and is trading nearly 5.5 per cent lower.

SAIL, Ranbaxy, MTNL, Reliance Energy, Gujarat Ambuja and ICICI Bank are the other major losers.

L&T built on its early strength and is trading more than 5.5 per cent higher. Dr. Reddy's declined marginally from its early highs but is still trading with gains of 5 per cent.

Nalco has also come down from its early levels and is trading more than 2 per cent higher.