Stock Market: HDFC twins drag Sensex by 500 pts, Nifty down 100 pts

HDFC twins fell sharply today after an update on MSCI implementation for HDFC and HDFC Bank post their merger.

MSCI said it will include the merged entity in its large-cap index but the adjustment factor would be 0.5.

Markets came under pressure sharply after the European Central Bank hiked rates and fears over the U.S. banking sector worsened with the collapse of PacWest Bancorp.