Market Live: Nifty extends losses, Sensex falls over 250 pts; Bank index dips 1%
Benchmark indices opened sharply lower, following weak trend in global stocks and uncertainty over formation of government in Karnataka.
The 30-share BSE Sensex was down 166.25 points at 35,377.69 and the 50-share NSE Nifty declined 54.20 points to 10,747.70.
Nifty Bank fell 184 points as PNB plunged 10 percent.
Lupin, Power Grid, Tata Steel, Tata Motors, TCS and Tech Mahindra were early gainers.
Titan Company, Bajaj Finserv, ICICI Bank, Axis Bank, Cipla, HPCL and SBI were under pressure.
Nifty Midcap was down 83 points. Reliance Communications, Jaypee Infratech, MRPL, Shakti Pumps, PI Industries, Syndicate Bank, Allahabad Bank, Karnataka Bank, Bajaj Hindusthan and IDBI Bank were down up to 8 percent.
Endurance, Crompton Consumer, Indiabulls Real Estate, Bhushan Steel, IRB Infrastructure and Ashok Leyland gained up to 7 percent.
The Indian rupee recovered sharply after opening 7 paise lower, trading higher by 18 paise at 67.89 against the US dollar.