Indian equity benchmarks extended declines to sixth straight session paced by losses in Zee Entertainment, Vedanta, Reliance Industries, Tata Motors, Bajaj Finserv, Hindalco and Sun Pharma. The S&P BSE Sensex and NSE Nifty 50 indexes opened lower taking cues from other Asian markets as appetite was dented for risk assets on worries of an unsuccessful U.S-China trade negotiation. The Sensex fell as much as 420 points to fall below 38,000-mark and the NSE Nifty 50 Index declined as much as 120 points to trade below 11,400.
As of 2:59 pm, the Sensex traded 1.09 per cent or 417 points lower at 37,860 and the NSE Nifty 50 Index fell 1.04 per cent or 119 points to 11,378.
Selling pressure was broad based as all the 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Realty Index's 2.2 per cent fall. Energy, Healthcare, Telecom, Bankex, Finance, Power and Metal sector gauges also fell between 0.8 and 1.8 per cent each.
Mid- and small-cap shares were also witnessing selling pressure as the S&P BSE MidCap Index fell 0.65 per cent and the S&P BSE SmallCap Index dropped 0.76 per cent.
Among the individual shares, Vedanta fell as much as 4.4 per cent to Rs 156.0 after its net profit dived to Rs. 2,615 crore for the three months ended March 31, from Rs. 4,802 crore posted a year ago period.
Zee Entertainment fell as much as 12.42 per cent on the BSE to Rs 324 on rumours raising concerns about audit of the financial statements of the company for the financial year 2019. Meanwhile, the company has denied the rumours and said that the audit of the stand-alone and cosolidated financial statements for FY18-19 is very much in progress by Deloitte Haskins & Sells, LLP.
In the Nifty 50 basket of shares, 39 shares were trading lower while 11 were among the gainers.
Zee Entertainment, Vedanta, Sun Pharma, Tata Motors, Reliance Industries, Bajaj Finserv, Yes Bank, ONGC, HDFC Bank and HDFC were among the top losers.
On the flipside, UPL, Bharat Petroleum, Titan, Coal India and Power Grid were among the notable gainers.
The overall market breadth was sharply negative as for every one share advancing there were more than two shares declining on the BSE.
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