Sensex extends losses, Nifty slips below 9,300 as banking stocks decline

The breadth, indicating the overall health of the market, was significantly weak

The benchmark indices extended losses in the noon deals as banking stocks dipped after the government notified the Banking Regulation (Amendment) Ordinance, 2017, while a drop in crude prices dragged down oil explorers such as ONGC and Oil India.

At 01:54 pm, the S&P BSE Sensex was ruling at 29,881, down 245 points, while the broader Nifty50 was trading at 9,289, down 70 points. The Nifty50 index reversed course seconds after hitting its fresh all-time of 9,367 in early trade.  

In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices shed 1% each.

The breadth, indicating the overall