The Indian market extended losses on Wednesday, after a weak start as investor sentiment turned cautious a day ahead of F&O expiry and amid weak global cues.
At 9.45 am, the Nifty traded 102 points lower, or 0.96 percent, at 10,561. The Sensex fell by nearly 361 points, or 1.02 percent, to trade at 35,109. The Nifty started just above 10,600, dipping more than 55 points, or 0.52 percent, at 10,608, while the Sensex plunged 186 points, or 0.52 percent, to open at 35,284.
Broader markets also extended losses with the Nifty MidCap down by 1.87 percent in the initial trade. The BSE MidCap also lost 1.61 percent, while the banking major index, Nifty Bank fell over a percent.
Among sectoral indexes, only 2 sectors advanced against 41 declining. The BSE IT dipped the most by 1.39 percent.
Index heavyweight Hindustan Unilever slipped by more than 2 percent on reports that the National Anti-profiteering Authority has imposed a penalty of Rs 223 crore on the FMCG major.
The NAA on Monday said that HUL has allegedly profiteered to the tune of Rs 383 crore after the massive goods and services tax rate cut last November. Apart from HUL, Hindalco, Sun Pharma, GAIL, Infosys slipped by up to 1.4 percent.
Public sector oil marketing companies HPCL, BPCL and IOC gained by up to 1.16 percent as global crude prices hovered near $50 a barrel. Other gainers were Adani Ports and Coal India.
Indian rupee opened 21 paise higher at 69.93 on Wednesday, aided by weak crude oil prices and the dollar’s losses in global markets due to political uncertainty in the US. At 9.46 am, the rupee was trading at 69.98 against the US dollar.
Also, catch all the action and updates in our Market Live blog.