Market extends losses as heavyweights drag; Sensex falls over 400 points

The Indian equity market extended losses on Friday, dragged by sustained selling in heavyweight stocks across sectors on profit booking. The Sensex plummeted over 400 points, or 1.11 percent, to trade at 36,026 at noon. The broader 50-share Nifty also gave up 10,900 mark, falling more than 132 points, or 1.21 percent, to trade at 10,819.

Broader markets also declined with the Nifty MidCap dipping 0.92 percent and the BSE MidCap falling by 1.07 percent.

All 43 sectors declined on both indexes with BSE Teck falling the most by 1.54 percent. BSE Telecom, Nifty Energy and BSE Realty were other major losers.

Only 2 Nifty stocks, Tata Motors and Hindustan Petroleum Corp. ltd, traded positive, rising by up to 0.85 percent. Indian Oil Corp., declined 5.55 percent, UPL 3.85 percent, Bharti Infratel 3.63 percent and Maruti Suzuki by 2.77 percent.

Shares of Indian Oil Corp fell over 4 percent. The company had announced an interim dividend of Rs 6.75 per share and the record date for the dividend is December 25.

In terms of volume, Reliance Industries, Infosys, ICICI Bank, HDFC Bank, HDFC, Maruti Suzuki, ITC, Tata Consultancy Services, L&T, Axis Bank, Axis Bank were the biggest drag on Sensex.

The rupee, meanwhile, traded at 70.04 against the US dollar. The home currency snapped 4-day rally and opened 24 paise lower on Friday, as oil prices climbed after tumbling 5 percent in the last session.

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