Sensex slumps over 300 points; Nifty trading below 7,900

Reuters Market Eye - The BSE Sensex falls more than 300 points. The Nifty is down over 1 percent, trading below 7,900. The indices are 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 3.5 percent while Reliance Industries is down 3.7 percent.

Jindal Steel and Power falls around 8 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.