Indices extend losses, SENSEX cracks 600 pts; NIFTY slips below 26,000 as global cues weigh

At 9:49 AM, the S&P BSE SENSEX was trading 637 points, or 0.74% lower at 84,934.82 levels, while the NSE's NIFTY50 was trading at 25,993.05, down 185.9 points, or 0.71%.

On the global front, Asia share markets were trading lower as strife in the Middle East offset more stimulus measures in China, while the Nikkei dived on concerns Japan's new prime minister favoured normalising interest rates.

The Nikkei index nosedived 4.1% as investors anxiously waited for more direction from new Prime Minister Shigeru Ishiba, who has been critical of the Bank of Japan's easy policies in the past.

On Sunday, Israel said it bombed Houthi targets in Yemen and mounted further airstrikes in Lebanon, expanding its confrontation with Iran's allies in the region two days after killing the Hezbollah leader Sayyed Hassan Nasrallah.

Back home, ICICI Bank, RIL, Infosys, and HDFC Bank were the biggest contributors to the SENSEX's losses. On the other hand, NTPC (up 1.6%) was the top gainer on the index. 

Broader Market

In the broader market, the BSE MidCap index was trading 0.36% lower at 49,310.34 levels. The BSE SmallCap index was also trading 0.36% lower at 56,883.81 points.

Top gainers and losers on the NSE

Sector Watch

Most sectoral indices were trading in negative territory. Realty, auto, telecom and IT stocks were some of the biggest losers. On the other hand, metals continued to stand tall. The BSE METAL index was up 0.93% at 34,563.84 points. 

Buzzing Stocks

NMDC shares were up over 4% at ₹245 apiece on the BSE. 

Reliance Infrastructure shares were trading over 2% higher at ₹329.55 apiece on the BSE after the Calcutta High Court has upheld a ₹780 crore arbitration award in favour of Reliance Infrastructure in a dispute with West Bengal-based Damodar Valley Corporation, the Anil Ambani group firm said in a stock exchange filing.

More than a decade ago, Reliance Infrastructure had won a contract to set up a 1,200 MW thermal power plant in Purulia in West Bengal for ₹3,750 crore.

Vakrangee stock was up 9% at ₹34.38 on the BSE.