New Delhi, India (BBN)-Indian equity markets extended losses in the noon trade, with the Sensex falling over 200 points.
The Nifty slipped below the 8,050 mark, dragged down by losses in heavyweights like Reliance Industries, Tata Steel, Tata Motor and Hindustan Unilever, reports NDTV.
Analysts say Nifty risks falling to 7,997 levels, which was seen in early May, after the benchmark index fell below 8,050 levels.
Among sectors, public sector banks saw deep losses with NSE’s sub-index for PSU banks falling over 2 per cent.
Bank of India, OBC, PNB, Bank of Baroda and SBI were down between 1-4 per cent.
Other sectoral indices like auto, energy, pharma and IT also came under selling pressure.
PNB was the top Nifty loser, down 3.62 per cent, followed by Cairn India and Bank of Baroda, which were down around 3 per cent each.
Coal India continued to be the top gainer in Nifty, up around 2 per cent.
Nomura in a note to clients has said that the proposed auction of coal linkages for the non-regulated sectors will boost the realisation of Coal India in FY16.
Nomura has a “buy” recommendation on Coal India with a target of Rs 417 per share. (Read full story here)
Bajaj Auto, Tata Power, Axis Bank, Zee Entertainment were the other major gainers in the Nifty.
Among Nifty-50 stocks 15 shares advanced, while 35 stocks declined.
Selling pressure was also visible in the broader indices. The BSE midcap and smallcap indices were down over 1 per cent each.
As of 12.59 p.m. Sensex was down 171 points at 26,598 and the Nifty traded 53 points lower at 8,062.