 "Markets near day's low; Nifty hovers around 8,600")
Benchmark share indices extended losses in late noon trades, amid weak European cues, with financials leading the decline.
At 2:25pm, the S&P BSE Sensex was down 255 points at 27,830 and the Nifty50 dropped 85 points to 8,593.
ICICI Bank, HDFC Bank, Axis Bank and SBI were down 1%-2.3% each.
Index heavyweight Reliance Industries witnessed profit taking after recent gains. The stock was down 2.3%.
Among other shares, Motherson Sumi Systems (MSSL) plunged 10% to Rs 316 on the BSE on profit booking after the company reported 13% year-on-year (YoY) jump in consolidated net profit of Rs 303 crore for the quarter ended June 30, 2016 (Q1FY17).
Adhunik Industries is locked in upper circuit for the sixth straight trading session, up 10% at Rs 202 on the BSE. The stock is trading at its 52-week high level, appreciating 110% from Rs 95.65 on August 2, 2016. The S&P BSE Sensex was down 0.50% during the same period.
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(Updated at 11:40am)
Benchmark share indices were trading near their day's low amid profit taking in financials after the RBI at its policy meet on Tuesday maintained status quo on key policy rates.
At 11:40am, the S&P BSE Sensex was lower by 262 points at 27,823 and the Nifty50 dropped 90 points to 8,592. The BSE Midcap and Smallcap indices were down over 1% each. Market breadth was weak with 1674 declines and 672 advances on the BSE.
Foreign portfolio investors were net buyers in equities worth Rs 144.15 crore on Tuesday as per provisional stock exchange data.
In the financial segment, ICICI Bank, HDFC Bank, SBI and Axis Bank were down 1%-2.4% each.
Mortgage lender HDFC eased nearly 1%. The company's life insurance arm HDFC Life and Max Life Insurance announced a swap ratio for their merger.
Lupin extended losses and is down by over 3% despite robust first quarter earnings after operational performance was lower-than-expected. India's third-largest drugmaker reported a 68% rise in first-quarter profit, beating analysts' expectations.
Investment banks have made suggestions to the Aditya Birla Group to hive off its financial services and insurance businesses from BSE-listed Aditya Birla Nuvo to invite new investments in the two businesses. Shares of Aditya Birla Nuvo and Grasim have slipped between 2%-6%. Meanwhile, AB Money has surged over 14%.
Mahindra & Mahindra was down 1.3% ahead of its June 2016 quarter results later today.
Adani Ports and Special Economic Zone Ltd (APSEZ) has gained over 6% after posting a 31 per cent growth in its net profit in Q1 of FY 2017 at Rs 835.71 crore, as against Rs 638.93 crore for the corresponding period last year.
Among other shares, Jubilant Life Sciences has surged 11% to Rs 381 on the BSE in an otherwise weak market after the pharmaceutical company reported 350 basis points Ebitda (earnings before interest, taxes, depreciation and amortisation) margin expansion at 26.2% for the quarter ended June 2016 (Q1FY17), up from 22.7% in the same quarter last year.
