Sensex, Nifty Extend Losses Led By Decline In RIL, Axis Bank
The S&P BSE Sensex and NSE Nifty 50 Indexes extended losses led by declines in bluechip shares like Reliance Industries, Axis Bank, Larsen & Toubro, HDFC, Tata Steel, HDFC Bank, State Bank of India, ITC and Maruti Suzuki. The benchmarks opened on a weak note in trade today taking cues from other Asian markets as Asian shares wobbled near one-week lows on Monday as investors turned cautious ahead of a closely-watched Federal Reserve meeting, while political tensions in the Middle East and Hong Kong kept risk appetite in check.
As of 12:14 pm, the Sensex traded 0.79 per cent or 310 points lower at 39,142 and the NSE Nifty 50 Index declined 0.83 per cent or 99 points to 11,725.
All the 19 sector gauges barring the S&P BSE Information Technology Index were trading lower led by the S&P BSE Metal Index's 2.4 per cent decline. Basic Materials, Energy, Telecom, Oil & Gas and Realty sector gauges were also trading lower by over 1 per cent each.
Mid- and small-cap shares were also witnessing the selling pressure as the S&P BSE MidCap Index declined 0.7 per cent and the S&P BSE SmallCap Index fell 0.85 per cent.
In the Nifty 50 basket of shares, 45 were declining while 5 were among the gainers.
Tata Steel was top loser in the Nifty 50 basket of shares, the stock dropped 4 per cent to Rs 481.70. JSW Steel, Vedanta, Axis Bank, Hindalco, Tata Motors, Indian Oil, Titan, Britannia Industries, Reliance Industries and Bharti Airtel also dropped between 1.6 and 3.8 per cent.
On the flipside, Wipro, UPL, Infosys, Yes Bank and Eicher Motors were among the notable gainers.
Among the individual shares, Jet Airways dropped as much as 18 per cent to hit record low of Rs 67.05 as traders were selling their contracts in derivative segment after NSE said that Jet Airways will not be traded in derivative segment, analysts said.
The overall market breadth was extremely negative as 1,583 shares were declining while 590 were advancing on the BSE.