Sensex, Nifty post losses since June 24; IT outperforms

The benchmark indices posted their biggest one-day loss in percentage terms since June 24 as the Sensex traded down 443.71 points or 1.54 percent at 28353.54.

On the other hand, the Nifty traded down 151.10 points or 1.70 percent at 8715.60.

The market breadth remained in favour of declines. About three shares fell for every share rising on the Bombay Stock Exchange.

European markets were down 1.5-2 percent on fears of Federal Reserve considering rate hike next week in a policy meeting. ITC, Tata Motors, SBI, ICICI Bank and Axis Bank were down two to four percent whereas IT outperformed.

According to sources, the finance ministry will shortly circulate a Cabinet note to merge the railway budget with the Union Budget, advance presentation by a month and doing away with Plan and non-Plan expenditure head in the Budget.

The draft note will be floated for inter-ministerial discussion before it is tabled before the Cabinet, which is likely to take up these issues towards the end of this month, sources said.

"The ministry is seeking approval for these three proposals with an intention to get them implemented in the Budget for 2017-18," it added.

Also, the gold prices inched up by Rs. 25 to Rs. 31,175 per ten grams at the bullion market today on mild buying by jewellers at domestic spot market even as the metal weakened overseas.

However, silver fell further by Rs. 500 to Rs. 45,300 per kg on reduced off-take by industrial units.

Globally, gold fell 0.08 percent to USD 1,326.70 an ounce and silver by 0.47 percent to USD 18.94 an ounce in London in early trade today.