JSW Steel was top Nifty loser, the stock fell 4 per cent to Rs 307.
The S&P BSE Sensex and NSE Nifty 50 indexes extended losses in afternoon trading on the back of a broad-based selling pressure led by losses in auto, metal and banking shares. The benchmarks opened lower and extended losses in noon trading wherein Sensex slumped over 400 points and Nifty broke below its important psychological level of 11,800. Reliance Industries, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Axis Bank and Infosys were among the top drags in the Sensex, they collectively wiped out over 250 points from the 30-share index.
As of 12:45 pm, Sensex fell 428 points or 1.05 per cent to 40,257 and Nifty plunged 35 points or 1.13 per cent to 11,795.
All the 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty metal index’s nearly 3 per cent decline. Auto, media, banking, realty and energy indexes also fell between 1-2 per cent each.
Mid- and small-cap shares were also facing selling pressure as Nifty Midcap 100 index dropped 1 per cent and Nifty Smallcap 100 index declined 0.4 per cent.
JSW Steel was top Nifty loser, the stock fell 4 per cent to Rs 307 after its annual net profit declined 42 per cent in September quarter to Rs 1,692 crore.
Hero MotoCorp, Bajaj Auto, Hidnalco, Tata Steel, UPL, Reliance Industries, Coal India, Tech Mahindra, ICICI Bank, GAIL India, Axis Bank and Bajaj Finance also fell between 1.8-4 per cent.
On the flipside, Nestle India, HDFC Life, Adani Ports, IndusInd Bank, TCS and HDFC were among the gainers.
The overall market breadth was extremely negative as 1,438 shares were declining while 971 were advancing on the BSE.