Nifty slumps around 1 percent; Jindal Steel falls nearly 9 percent

Reuters Market Eye - The BSE Sensex and the Nifty fall around 1 percent each, heading for their third consecutive session of falls.

Oil and gas stocks fall as government defers decision on gas price hike: Oil and Natural Gas Corp falls more than 4 percent while Reliance Industries is down 3.5 percent.

Jindal Steel and Power falls over 9 percent, adding to its 10.5 percent fall in the previous session after the Supreme Court cancels coal block allocation.

However, technology stocks gain after global rival Accenture says it expects better profitability this fiscal year.