Share market today: Nifty 50 Index fell below its important psychological level of 11,300.
Indian equity benchmarks extended recent losses on Thursday and were on track to close lower for a seventh session in a row.
Selling pressure in Reliance Industries, HDFC Bank, HDFC, ITC, Larsen Toubro and NTPC were seen exerting pressure on the SP BSE Sensex and NSE Nifty 50 indexes.
The Sensex fell as much as 349 points to hit an intraday low of 37,440, and the NSE Nifty 50 Index declined as much as 94 points to trade below the 11,300 mark.
The domestic markets tracked sharp losses in Asian peers, where equities slumped as investors waited to see whether Chinese and US trade negotiators can salvage a deal to stave off the threat of fresh US tariff increases, which would damage global economic growth.
Here are 10 things to know:As of 1:36 pm, the Sensex traded 0.67 per cent or 252 points lower at 37,536 and the NSE Nifty 50 Index was down 0.57 per cent or 65 points at 11,295.Equities in other Asian markets hit six-week lows in early trade with MSCI's broadest index of Asia-Pacific shares outside Japan edging down 0.3 per cent to its lowest level since March 28.
Japan's Nikkei average shed 0.9 per cent to its five-week low."The markets seem to have no particular support or resistance in place at the current juncture Best to stay out of the market till election results are out," AK Prabhakar, head of research at IDBI Capital, told TheIndianSubcontinent.Fourteen of 19 sector gauges compiled by BSE were trading lower led by the SP BSE Energy Index's 2.5 per cent decline.Power, metal, oil gas, utilities and capital goods sector gauges also declined between 0.8 and 1.5 per cent each.On the flipside, information technology and realty sector shares were witnessing a mild buying interest at both the sectoral indexes on the BSE rose 0.3 per cent each.Mid- and small-cap shares were also witnessing selling pressure as the SP BSE MidCap Index fell 0.4 per cent and the SmallCap Index declined 0.51 per cent.Reliance Industries was top loser in the Nifty 50 basket of shares, the stock fell 3.38 per cent to Rs 1,256.
NTPC, Coal India, Bharat Petroleum, Adani Ports, JSW Steel, Bharti Infratel, HCL Technologies and Asian Paints also fell between 1.3 and 2.5 per cent each.On the other hand, Zee Entertainment, Yes Bank, Indiabulls Housing Finance, Hero MotoCorp, Bajaj Finserv and Bajaj Finance were among the gainers.The overall market breadth was negative as 1,382 shares were declining while 882 were advancing on the BSE.Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections.
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Election results will be out on May 23.