Sensex Down Over 300 Points As Banking Shares Drag

3:16 p.m.: From the Nifty basket of shares, 41 were falling while 10 were advancing. Hindalco was the top Nifty loser, down 4.5 per cent to Rs 89.20. Eicher Motors, Adani Ports, Kotak Mahindra Bank, Larsen & Toubro, ICICI Bank, HDFC and Tata Steel were also among the losers.

3:05 p.m.: The market breadth was negative as 1,511 stocks decline while 960 advance.

2:58 p.m.: Mid-cap index extends losses, slips 0.6 per cent.

2:21 p.m.: The stock markets trimmed some losses in the late noon deals. The Sensex was down 306 points at 25,484 and Nifty was at 7,812, down 88 points.

2:00 p.m.: Higher-than-expected margins in March quarter drove Nestle India shares 7 per cent higher on Friday. Nestle India's EBITDA (Earnings before interest, taxes, depreciation and amortization) margin of 22.8 per cent was 350 basis points higher sequentially and ahead of Street estimates. (Read more)

1:33 p.m.: UCO Bank reports net loss of Rs 1,715.6 crore against net profit of Rs 209.28 crore during the same quarter last year. Bank's gross non-performing loans as a percentage of total advances came in at 15.43 per cent compared to 10.98 per cent during the previous quarter. Uco Bank shares fall 7.2 per cent to Rs 33.60.

1:23 p.m.: Bank Nifty falls 1.45 per cent or 241 points to 16,682; ICICI Bank was the top loser from this space, down 2.9 per cent to Rs 225. Kotak Mahindra Bank, State Bank of India, Bank of India, Punjab National Bank, Bank of Baroda and HDFC Bank were also among the losers, down 1-2 per cent each.

1:10 p.m.: According to traders, weak macro data (higher inflation, lower factory output) and global cues are weighing on sentiments. There's also a lot of concern about the future of Participatory Notes, the instrument through which a large chunk of foreign money comes into domestic equity markets, traders said. The revision of India-Mauritius tax treaty means P-Notes will get taxed for short-term capital gains from April 1, 2017. 

Traders expect Nifty to hold 7,800 because a lot of put writing has taken place at 7,800. However, there's nervousness on the Street as foreign investors are selling and domestic investors have not been buying aggressively today, traders added.

1:01 p.m.: Havells India was the top gainer from the mid-cap space, up 5.5 per cent to Rs 361. Indian Hotels, Indian Bank, Piramal Enterprises, Sun TV, Emami, UPL, Glenmark and Berger Paints were also among the gainers, up 1.76-4 per cent each.

12:53 p.m.: Real estate stocks were among the worst hit in trades so far. The BSE Realty index was down 2 per cent; DLF was the top loser from this space, down 4.3 per cent to Rs 122. HDIL, Indiabulls Real Estate, Sobha Ltd, Unitech, Mahindra Lifespace Developers, NBCC, D B Realty and Oberoi Realty were also down 1-3.2 per cent each.

12:36 p.m.: The Sensex continue to face selling pressure, falls 390 points to hit intraday low of 25,400 and Nifty plunges 116 points to hit low of 7,784.

12:27 p.m.: Broader markets outperform benchmark indices. The BSE Mid-Cap  and Small-Cap indices slip 0.2 per cent each, compared to 1.2 per cent cut in the Sensex.

12:20 p.m.: The stock markets extended losses in the noon deals as selling pressure picked up pace in metal, banking, realty, capital goods and auto stocks. The Sensex fell 343 points to 25,447 and Nifty was at 7,801, down 99 points.

12:06 p.m. Stock update: Eicher Motors recovers from day's low after falling as much as 7 per cent. Currently, the stock is down 3.7 per cent. Read here

12:01 p.m.: Stock update: Nestle India surges 6.4% to Rs 6,080 on Q1 earnings. But Religare has a "sell" rating, citing high valuations

11:50 a.m. Eicher Motors (-3.8%), HUL (-2.5%), Hindalco (-2%), Bharti Airtel (-2%) and ICICI Bank (-2%) among major Nifty losers. 

11:35 a.m.: Sensex struggles with 230-point cut amid at 25,559 while Nifty still below 7,830.  

11:25 a.m.: Stock update: Crompton Greaves Consumer Electrical trading at Rs 135.45, after hitting Rs 126.50 at day's low. Inderjeetsingh Bhatia of Macquarie Capital Securities says a lot of institutional interest is seen in this stock. Market participants are looking at the right price to enter the stock as it is just the first day of listing, he adds. 

10.40 a.m. 10.40 a.m. Sensex, Nifty continue to trade with deep losses. However, some Nifty stocks have pared losses, while others have seen fresh selling. Eicher Motors continues to be the biggest Nifty loser on the back of block deals. HUL, Bharti Airtel and L&T traded with 2-2.5 per cent losses. Adani Ports was top Nifty gainer, up 1.4 per cent, followed by Tata Motors, Asian Paints and Idea Cellular.

10.20 a.m. Crompton Greaves Consumer Electricals, the demerged arm of Crompton Greaves, made a weak debut on exchanges today. Crompton Greaves Consumer Electricals' shares fell as much as 20 per cent to a low of Rs 125 on National Stock Exchange compared to its previous closing price of Rs 155.30.

09.45 a.m. Selling momentum has picked up in banking and metal stocks, leading to sharp decline in Sensex and Nifty. The Sensex fell as much as 275 points, while the Nifty is trading below 7,850. Nifty Bank is down nearly 1 per cent, led by selling in ICICI Bank shares, which are trading 2 per cent lower. SBI is down over 1 per cent. Index-heavyweight Infosys is also trading 1 per cent lower.

09.20 a.m. The BSE Sensex and the broader Nifty fell 0.5 per cent on Friday tracking weak macro data and global cues. Banking and metal stocks were under pressure, while realty stocks saw buying interest in morning trade.

Traders said weak macroeconomic data has dimmed hopes of interest rate cut in June and is weighing on sentiments. Consumer price inflation, which the Reserve Bank of India targets in setting interest rates, rose at a faster-than-expected pace, to 5.39 per cent last month, from 4.83 per cent in March.

Industrial production grew an annual 0.1 per cent in March, sharply slower than growth of 2.5 per cent predicted by economists in a Reuters poll.

Royal Enfield motorcycle maker Eicher Motors was the top Nifty loser, falling over 4 per cent, on the back of a block deal. Dr Reddy's Labs, Bharti Airtel, HUL and ICICI Bank were other Nifty stocks that traded with over 1 per cent losses.

Idea Cellular and Tata Motors were the top Nifty gainers, rising over 1.6 per cent.

08.45 a.m. Indian stock markets are likely to open sharply lower on Friday, tracking weakness in domestic macro data and global cues. Nifty futures on the Singapore Exchange traded 50 points or 0.64 per cent lower, indicating a gap down start for domestic stock markets. 

Retail inflation broke a recent slowing trend in April, reducing the odds of further interest rate cuts next month by the Reserve Bank of India. In double whammy for economy, industrial output expanded at a much-slower-than expected pace in March. 

Banking stocks will be in focus with nearly half-a-dozen lenders set to report quarterly earnings today. Like their private sector counterparts, most state-run lenders are expected to report a rise in bad loans during the March quarter. Bank of Baroda's Q4 would be closely watched. Allahabad Bank, Central Bank, Dena Bank, Uco Bank and Union Bank of India are other state-run lenders that will report numbers today. 

Meanwhile weak trading across Asia will also weigh on Sensex and Nifty. Japan's Nikkei traded over 1 per cent lower, while the Hang Seng index in Hong Kong was also down around 1 per cent. Chinese markets also traded with a negative bias. 

Major US stock indexes closed mixed on Thursday, with Nasdaq Composite down 0.49 per cent as Apple shares skidded to a two-year low on concerns about iPhone demand.