Sensex, Nifty Extend Fall As HDFC Twins, ICICI Bank, Reliance Drag: Mid-Day Market Update
At 12:38 p.m., Sensex fell 778 points, or 1.30%, to 59,028.12, while the Nifty 50 declined 206 points, or 1.17%, to 17,383.40.
India's benchmark stock indices extended losses through midday on Friday following weak global cues ahead of a critical U.S. jobs report.
Asian markets slumped and the U.S. Treasury rallied on Friday amid concern that pockets of trouble in the U.S. banking sector could portend broader dangers as higher interest rates start to bite. Silicon Valley-based lender SVB Financial Group was at the center of the storm on Thursday, losing 60% after taking steps to shore up its capital position, stoking concern that soaring interest rates are eroding balance sheets.
At 12:38 p.m., the S&P BSE Sensex fell 778 points, or 1.30%, to 59,028.12, while the NSE Nifty 50 declined 206 points, or 1.17%, to 17,383.40.
HDFC Bank Ltd., Reliance Industries Ltd., ICICI Bank Ltd., HDFC Ltd., Infosys Ltd., Axis Bank Ltd., Larsen and Toubro Ltd., State Bank of India, Kotak Mahindra Bank Ltd., and TCS Ltd were dragging the index.
Adani Group company shares were mixed in trade as Adani Green Energy Ltd., Adani Transmission Ltd., and Adani Total Gas Ltd. advanced in trade, while the other stocks fell.
The broader market indices were trading lower, with the S&P BSE MidCap falling 0.94% and the S&P BSE SmallCap declining 0.56% by midday trade.
Sixteen out of the 20 sectors compiled by BSE Ltd. declined, while four advanced.
The market breadth was skewed in the favour of the bears. About 1,220 stocks rose, 2,106 declined, and 137 remained unchanged on the BSE.
