Markets extend losses; IT shares weigh

IT majors were the top losers in noon trade while ITC was among the top gainers

Markets were trading flat with negative bias in noon trade on profit taking in IT majors.

At 2:35pm, the S&P BSE Sensex was down 176 points at 27,884 and the Nifty50 slipped 51 points to trade at 8,600.

Infosys, Wipro and TCS were among the top losers while gains in ITC helped offset some of the losses.
______________________

(updated at 12:45pm)
Markets remained rangebound in noon trades after investors turned cautious ahead of August F&O expiry later today.

Besides, market participants across the globe are keenly awaiting signals on key policy rates from US Federal Reserve Chair Janet Yellen at the Kansas City Fed's annual Monetary Policy Symposium in Jackson Hole, Wyoming.

At 12:45PM, the S&P BSE Sensex was up 34 points at 28,094 and the Nifty50 rose 15 points to trade at 8,665. Broader markets continue to outperform benchmark indices- BSE Midcap and Smallcap indices are up over 0.5%.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 39.28 crore yesterday as per provisional data released by the stock exchanges.

Yellen is due to speak tomorrow at the Kansas City Fed's annual Monetary Policy Symposium in Jackson Hole, Wyoming. Minutes from the Federal Open Market Committee's (FOMC) July meeting showed officials were split on whether an increase in interest rate was needed soon.

Index heavyweights Reliance Industries and ITC were among the top gainers up 0.6%-1.8% each.

Other gainers include, Axis Bank, Lupin, HDFC, L&T and Tata Motors among others.

IT majors were among the top losers with Infosys, Wipro and TCS down 1%-1.5% each.

Among other shares, Jubilant Life Sciences hit a record high of Rs 539, up 6% on the BSE, after the pharmaceutical company said it has received Abbreviated New Drug Application (ANDA) final approval for Felodipine Extended-Release tablets USP, 2.5 mg, 5 mg, and 10 mg, the generic version of Plendil tablets of AstraZeneca, which is used for the treatment of hypertension.

Welspun India was trading 2% lower after rebounding in intra-day trades. The stock of Asia's largest home textile maker almost halved from Rs 103 on August 19, after US-based Target Corporation announced last week it was terminating business with the Indian manufacturer for substituting the cotton in bedsheets with a different type than the contracted Egyptian one.