The Indian equities continued to witness sell-off in noon session of day"s trade, tracking a weak cues from fellow Asian peers which extended its losses amid worries over worsening slowdown in China. The caution prevailed in the market as volatility in Chinese economy coupled with slow-paced reforms back home kept investors on edge. After the early fall, the market recovered in late morning trade as traders maintained position in bankex, capital goods, auto and realty, while power, Oil & Gas, metal, CDS and FMCG stocks under selling pressure.
At 12:20 hours, the BSE SENSEX was trading at 26107.04, down by 111.87 points or by 0.43 per cent, and the NSE Nifty was quoting 22.55 points lower at 7959.35.
In the bearish trade so far, the BSE Sensex touched an intraday high of 26160.73 and intraday low of 25972.54, while the NSE Nifty touched high and low of 7966.9 and 7908.35, respectively.
Early today, the Indian equities belled the day in red, snapping a two-day run of gains, as uncertainty surrounding the global economic outlook rattled markets across Asia. The rupee also lost its ground, in line with equity market, against the dollar in early trade today on fresh buying of the US currency by importers.
On the sectoral front, FMCG and consumer durable indices emerged as top losers, shedding 0.74 per cent and 0.62 per cent, respectively.
Leading the decline on the D-Street were Reliance Industries Ltd. (Rs. 882.50,-1.41%), Housing Development Finance Corporation Ltd. (Rs. 1193.50,-1.40%), Cipla Ltd. (Rs. 645.75,-1.23%), NTPC Ltd. (Rs. 125.65,-1.10%), Hindustan Unilever Ltd. (Rs. 790.00,-1.05%), among others.
However, some buying were witnessed in blue chip stocks, such as Hindalco Industries Ltd. (Rs. 77.40,+1.64%), Tata Motors Ltd. (Rs. 332.95,+1.39%), Maruti Suzuki India Ltd. (Rs. 4457.35,+1.22%), Axis Bank Ltd. (Rs. 522.60,+1.02%), Larsen & Toubro Ltd. (Rs. 1551.00,+0.71%), among others.
The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 2333, shares advanced were 1323 while 921 shares declined and 89 were unchanged.
On the global front, the Asian equities were trading in negative terrain with China"s Shanghai Composite extending its biggest weekly loss in a month amid worries that government efforts may not be enough to stave off a worsening slowdown in the world"s second biggest economy, while Hang Seng tumbled and Japanese stocks were closed today.