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Markets extended losses after the Economic Survey FY14 highlighted inflation and growth concerns.
The 30-share Sensex was down 107 points at 25,474 and the 50-share Nifty was down 31 points at 7,592.
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(Updated at 11:25AM)
Markets were stuck in a narrow range with the benchmark indices swinging between the red and green in morning trades. At 1125 hrs, the Sensex was down 37 points at 25,545 and the Nifty gave off 11 points to trade at 7,612.
Sell-off continued in the broader markets with both the mid and smallcap indices down 0.5-1%.
Barring Consumer Durables, Oil & Gas, FMCG and Metal indices, all the other sectoral indices were in red.
Shares of oil and gas companies are trading higher by up to 4% on the BSE in otherwise volatile market after Brent crude fell below $109 a barrel as Libya restarted an oilfield. ONGC, RIL and Gail India up 1.5-2% were the top gainers from oil & gas space.
Meanwhile, Auto index plunged 2% after recent outperformance. The fall was lead by names like Tata Motors, Mahindra & Mahindra, Baja Auto and Hero Motocorp, all down 2-2.5%.
Health Care and Capital Goods Indices slipped nearly 1% each.
IT heavyweights like TCS, Infosys and Wipro were weak, down 0.6-0.8%.
Dr Reddys Lab, Coal India, Sesa Sterlite, Sun Pharma and L&T down 0.7-2% were the other prominent scrips in red.
On the other hand, metal names like Hindalco and Tata Steel gained 3.7% and 1.5% respectively.
FMCG majors, ITC and HUL were up 0.5-1%.
The market breadth was negative on BSE. 1,750 stocks declined while 803 stocks advanced.
