Nifty slips below 9,500 as banks continue to fall; Sensex down 100 points

In a volatile session, benchmark indices continued to trade in negative in the afternoon deals as investors stayed on edge ahead of the June F&O expiry. Extending losses for sixth straight session, Nifty slipped below its crucial 9,500 levels as weakness in lenders continued on provisioning worries.
 
Sentiment was also dampened as concerns of bloated valuations following a record-setting rally lowered risk appetite.
 
But the broader markets gained strength, with the BSE Midcap and Smallcap indices rising 0.2% each in an otherwise lower market.
 

Street was in line with the global sentiment as Asian shares slumped after Wall Street was knocked hard in the wake of a delay to a US healthcare reform vote, while the euro rallied after European Central Bank President Mario Draghi hinted that the ECB could trim its stimulus this year.

 
At 2:21 pm, the S&P BSE Sensex was trading at 30,857, down 101 points, while the broader Nifty50 was ruling at 9,498, down 13 points.
 
About six shares advanced for every five shares falling on the BSE.
 
Asian Paints, Reliance Industries, SBI and HDFC were top losers among Sensex stocks, down 1-2.5% whereas Tata Steel, ICICI Bank, PowerGrid and Maruti gained 1-2%.
 
ICICI Bank gained 1.3% to Rs 291.85 after the bank said that it raised Rs 2147 crore by allotting long term bonds.
 
Cadila Healthcare rose 1% intraday after it received a US Food and Drug Administration (FDA) nod for Oxybutynin tablets from its Moraiya unit.

 
The Nifty PSU Bank index slid as much as 1.7% to its lowest in three months, a day after a news report said the central bank has ordered lenders to raise their provisioning against loans undergoing bankruptcy proceedings. Punjab National Bank, State Bank of India, Syndicate Bank and Canara Bank slipped in the range of 1% to 2%.

Reliance Industries fell as much as 2.5%, its biggest intraday percentage loss in three months. The stock had risen 32.8% this year as of Tuesday's close.