Sensex Plunges Over 1,000 Points, Dragged By Financials, IT Shares

The broader markets are also trading weak, with the BSE Midcap index and BSE Smallcap index shedding around 1 per cent each

Sensex Plunges Over 1,000 Points, Dragged By Financials, IT Shares

Bharti Airtel, HCL,Infosys and Tech Mahindra lost 1-3 per cent each on the BSE

The benchmark indices have extended their losses in noon trading due to selling pressure in information technology stocks. At 2:21 pm, the BSE Sensex is trading at 59,081.05, lower by 1000.50 points or 1.66 per cent and the NSE Nifty is at 17,584.80, down 272.25 points or 1.53 per cent. The broader markets are also trading weak, with the BSE Midcap index and BSE Smallcap index shedding around 1 per cent each.

Asian shares are trading mixed as investors were concerned over China Evergrande Group's debt crisis and a widening power shortage in China.

In the currency market, the rupee appreciated 8 paise to 73.75 against the US dollar in early trading, tracking positive domestic equities. At the interbank foreign exchange, the rupee opened at 73.79 against the dollar and edged higher to 73.75 thereafter.

On the stock-specific front, Bharti Airtel has dived nearly 4 per cent to Rs 696 to the losers list on the BSE. Information technology stocks continue to trade weak, with HCL, Infosys and Tech Mahindra losing 1-3 per cent each on the BSE. Bajaj Finance and Bajaj Finserv are the other significant losers in the BSE pack.

On the other hand, power stocks are trading firm, with NTPC and Powergrid gaining around 5 per cent each on the BSE. Titan, Reliance Industries and Maruti Suzuki are the other significant gainers in the Sensex pack.

Among stocks in the news, BPCL shares gained more than 1 per cent on the BSE after the country's second largest fuel retailer announced plans to pump in Rs 1 lakh crore into petrochemicals, renewables and electric mobility during the next five years.

BHEL soared nearly 7 per cent after company bagged an order from Goa Shipyard for warship gun mount.

The BSE market breadth is weak. Out of 3,289 stocks traded on the BSE thus far, there are 1,337 advancing shares as against 1,782 declines.