Sensex, Nifty Fall As Banking, Financial Services Stocks Drag: Midday Market Update
At 12 p.m., the Sensex was down 736 points, or 1.21%, at 60,242.72, while the Nifty was 219 points, or 1.21%, lower at 17,899.30.
The benchmark stock indices extended losses by more than 1% by noon trade on Wednesday, tracking weak global cues.
Asian markets struggled to find traction, while U.S. and European equity futures slumped as a downbeat revenue forecast from Microsoft Corp. added to the risk aversion in global markets.
As of 12 p.m., the Sensex was down 736 points, or 1.21%, at 60,242.72, while the Nifty was 219 points, or 1.21%, lower at 17,899.30.
Bajaj Auto Ltd., Maruti Suzuki India Ltd., Tata Steel Ltd., Hindalco Industries Ltd. and Hindustan Unilever Ltd. were the top gainers in the gauge.
Adani Ports and Special Economic Zone Ltd., State Bank of India, Adani Enterprises Ltd., IndusInd Bank Ltd. and HDFC Bank Ltd. were the top losers among the NSE Nifty 50 Index constituents.
The broader market indices were trading lower, with the S&P BSE MidCap falling 1.29% and S&P BSE SmallCap easing 0.86% by noon trade.
All the 20 sectors compiled by the BSE Ltd. declined, except S&P BSE Metals.
The market breadth was skewed in favour of the bears. About 901 stocks rose, 2,460 declined, and 112 remained unchanged on the BSE.