The key domestic benchmark indices extended losses and were trading in a negative terrain in the late morning trading session tracking bearish trend amid weak trading across Asian markets and due to correction only in Reliance Industries and ITC.
On the economy front, investors will keep an eye on the progress of the monsoon session of Parliament, which is feared to be washed away due to issues of cow vigilantism, farmers" protests, unrest in Kashmir and India"s stand-off with China.
On the corporate front, ITC tumbled nearly 14 percent as brokerage houses downgraded the stock after the Goods and Services Tax (GST) Council decided to increase the cess on cigarettes. Other stocks like Godfrey Phillips (down 10 percent) and VST Industries (down 5 percent) were also caught in bear grip.
On the earnings front, more than ten companies will announce their June quarter results today, which include, UltraTech Cement, Jubilant Life Sciences and CRISIL.
At 11:20 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 31806.65 down by 268.13 points or by 0.84 per cent, while the NSE Nifty was at 9854.4 points, trading lower by 61.55 points or by 0.62 per cent.
The BSE Sensex touched an intraday high of 31911.61 and an intraday low of 31626.44 while the NSE Nifty touched an intraday high of 9885.35 and an intraday low of 9792.05
The top gainers of the BSE Sensex pack were Cipla Ltd. (Rs. 564.25,+1.50 per cent), Bharti Airtel Ltd. (Rs. 414.65,+1.48 per cent), Asian Paints Ltd. (Rs. 1139.00,+1.20 per cent), Sun Pharmaceutical Industries Ltd. (Rs. 577.65,+1.11 per cent), Power Grid Corporation of India Ltd. (Rs. 218.90,+1.06 per cent), among others.
Meanwhile, ITC Ltd. (Rs. 287.80,-11.65 per cent), Reliance Industries Ltd. (Rs. 1518.05,-2.15 per cent), ICICI Bank Ltd. (Rs. 302.75,-0.10 per cent), Coal India Ltd. (Rs. 247.00,-0.08 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 160.00,-0.03 per cent), were among the top losers on BSE.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total 2486 shares traded, 1041 shares advanced, 1322 shares declined while 123 were unchanged.
On the global front, Asian stocks were trading lower today as investors remained on the sidelines ahead of a busy earnings week from big US companies, while the Wall Street closed mixed in the previous trading session as gains in utilities and consumer stocks offset declines in healthcare.