The 50-share NSE Nifty extended losses on the back of further sell-off in financial, FMCG, realty, capital goods and select metal companies' shares around 11:45 am IST,. TCS, Tata Motors and Reliance Communications were also down.
The index was near to 5,950 level while the Sensex shed more than 100 points amid volatility.
Heavyweights SBI and ICICI Bank lost 2-3%; Axis Bank was top loser on the Nifty with 4% fall. HDFC Bank, HDFC, Kotak Mahindra Bank and PNB were down 0.7-2%. DLF from the realty pack lost 2.5%. HUL and ITC from FMCG segment declined 1.1-1.5%.
Paul Schulte of China Construction Bank said Indian banks were not as attractive on valuations as its Chinese peers. He added that European banks were the most leveraged banks globally.
However, indices were getting support from oil & gas, select technology and auto companies' shares along with Bharti, Sun Pharma, Hindalco, ACC and Dr Reddy's Labs, which limited losses.
In oil & gas space, Reliance Industries, Cairn India and ONGC gained 1% each. Wipro, Infosys and HCL Tech from technology pack went up 0.5-0.9% while TCS lost 1%.
Auto sector was also quite supportive; Maruti, Hero Honda, Bajaj Auto and M&M gained 0.4-1% while Tata Motors fell 2.8%. Bharti Airtel from telecom pack rose 1%.
The Sensex fell 113 points to 19868 and the Nifty was trading at 5956, down 36 points. The broader indices slipped more than benchmarks; the BSE Midcap Index was down 1.2% and Smallcap down 1.4%.
In the midcap space, Amtek Auto, Coromandel International, Pfizer, Den Networks and Hathway Cable gained 2-4% while Network 18, Allahabad Bank, Dewan Housing, Money Matters and United Bank slipped 4.8-6.8%.
In the smallcap space, HBL Power rallied 7.96% as Promoter of Igarashi Motor sold stake in company to HBL Power. Spice Mobility, Ind-Swift Labs, Mirc Electronic and Prraneta Ind went up 3.7-7.8%. However, SVC Resources and Midfield Industries crashed 20% each. Parekh Aluminex was down 10%. Ahluwalia and Odyssey Fin lost 7-8%.
About 728 shares advanced on Bombay Stock Exchange while 1917 shares declined. Nearly 814 shares were unchanged.
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