Sensex extends morning losses; Nifty below 9,050; Coal India down 2%

Coal India fell over 2% after it announced second interim dividend of Rs 1.15/ share

Pic: Shutterstock — stock, fall, sensex, down

Last Updated : Mar 27 2017 | 1:25 PM IST

Benchmarks indices fell further in the afternoon trade, with the Nifty breaking 9,050 level dragged by fall index heavyweights. A weak monsoon forecast also affected the sentiment. Skymet Weather predicted that monsoon 2017 would be below normal with error margin of plus and minus 5%.

At 1:24 pm, the S&P BSE Sensex was trading at 29,209, down 214 points, while the broader Nifty50 was ruling at 9,040, down 68 points.

The broader market outperformed with the S&P BSE Midcap down 0.3%, while the S&P BSE Smallcap was very little changed.

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The market breadth was in the negative as 1053 shares advanced against a decline of 1406 shares. About 202 shares were unchanged.

Tata Steel, RIL, Coal India, and Lupin were the top losers on BSE Sensex, while SBI, PowerGrid and HUL gained marginally on the index.

Reliance Industries fell as much as 2.34% after Sebi accused co of having committed a "fraud" in taking a short trading position at the time of selling a stake in a unit in 2007. It has also ordered Reliance Industries to surrender most of gains, plus interest; bars it from trading in derivatives for one year.

Coal India fell over 2% after the state-owned miner announced its second interim dividend of Rs 1.15/ share for current financial year as the dividend amount declared slightly less than market expectations.

Shares of GVK Power & Infrastructure advanced 6% at intraday after it completed the stake sale in Bangalore International Airport (BIAL). The stock was currently trading 2.9% higher.

Globally, US stock futures and the dollar fell on Monday while Asian markets struggled as President Donald Trump's failure on healthcare reform raised questions about his ability to push through tax cuts and fiscal spending to boost the economy.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1% after posting its first weekly decline last week in three weeks while Japan's Nikkei fell 1.5% as the yen rebounded in the face of renewed US dollar weakness.