Sensex, Nifty down near 1%; index heavyweights drag

Benchmark indices have extended losses, amid a broad based decline, dragged in particular by the losses in index heavyweights like Infosys, ICICI Bank and Reliance.
 
At 11:20 AM, the 30-share Sensex was down 236 points at 27,595 and the 50-share Nifty was down 70 points at 8,285.
 
In the broader market, both BSE midcap and smallcap indices have moved largely in line with their larger peers with losses of around 0.7% each.  Market breadth in BSE is negative with 1,491 declines against 841 advances.
 

 The rupee fell to 62.14 versus Wednesday's close of 62.02 against US Dollar. The decline is on account of profit-booking in rupee as weak global cues are turning investors risk averse.

Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 5.39 crore on Wednesday, as per provisional stock exchange data.
 
Buzzing Stocks
 
All the 12 sectoral indices on BSE are in red. BSE Oil & Gas and Realty indices, down 1.6% each have lost the most followed by BSE Bankex, Capital Goods and Metal indices which have lost around 1% each. BSE Healthcare index down 0.1% has lost the least.
 
Mahindra and Mahindra has gained around 0.6%. According to media reports, the company is close to acquiring a stake in the company that owns Swedish auto maker, Saab Automotive.

 
Oil and gas shares are trading weak after global crude prices fell by another 5% on Wednesday. Reliance and ONGC have lost 1.7% and 1.6% each. GAIL is among the top losers and has shed more than 2%.
 
Financials are under pressure with the exception of HDFC which is up marginally by 0.1% while ICICI Bank, Axis Bank and SBI have lost around 1% each.
 
Pharma shares are trading mixed. Sun Pharma has gained around 0.4% while Cipla and Dr Reddys Lab have gained 0.5% and 1% each.
 
Metal shares are weak amid concerns over economic growth of China. Sesa Sterlite has lost close to 1% while Hindalco and Tata Steel have lost around 0.5% each.

 
IT shares remain subdued tracking weakness in their peers on Nasdaq. Infosys has lost close to 2%. TCs is trading flat and Wipro is up maginally by 1%.
 
Among other shares,  Havells India has slipped 7% extending its previous day’s 7% decline after the company’s management has cut its FY15 guidance. The stock has fallen nearly 17% from its record high of Rs 347 touched yesterday.