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Afternoon Session: Market erases gains to trade lower, Nifty below 12,250

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Selling in banks, financial services, realty and IT counters applied pressure while buying was witnessed in auto, FMCG, media and pharma stocks.

Afternoon Session: Market erases gains to trade lower, Nifty below 12,250
Indian shares erased all the gains made on Monday morning as selling in heavyweight stocks such as HDFC, SBI, ICICI Bank, Kotak Mahindra Bank dragged Nifty below 12,250 levels.
At 1 pm, the Sensex was trading 116.17 points lower at 41,458.97 while the Nifty50 was at 12,216.50, down 29.30 points.
Selling in banks, financial services, realty and IT counters applied pressure while there was buying in auto, FMCG, media and pharma stocks.
Hindalco, BPCL, Yes Bank, State Bank of India and ICICI Bank were the top losers while Tata Motors, Sun Pharmaceuticals Industries, Bharti Airtel, Eicher Motors and Nestle India made it to the top gainer list among Nifty50.
PSP Projects shares surged nearly 6 percent intraday after the company announced that it has emerged as the L-1 bidder for development and beautification of Kashi Vishwanath Dham at Varanasi, Uttar Pradesh with a bid value of Rs. 339 crore (excluding taxes).
IndiGo, India’s largest carrier by domestic market share and fleet,  reached another milestone, after inducting its 250th aircraft. IndiGo is also the first airline in the country to operate 1,500 daily departures.
The share price of JMC Projects (India) declined 3.6 percent after the company's chief financial officer Manoj Tulsian has tendered his resignation to pursue an external professional opportunity, as per company press release.
Polymer pipes and fittings manufacturer Prince Pipes and Fittings made a tepid debut on bourses on Monday listing at Rs 160 per share on BSE and NSE, down 10 percent from its issue price of Rs 178.
Meanwhile, a broad gauge of Asian share markets rose to an 18-month high on Monday as Chinese equities gained, while oil touched three-month highs on a combination of U.S. crude inventory drawdowns, trade optimism and unrest in the Middle East.
 
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