Nifty falls below 5,300 blue chips hit

NIFTY-FALLS-BELOW-5300-BLUE-CHIPS-HIT:Nifty falls below 5,300 blue chips hit

 

Reuters Market Eye - The Sensex falls 0.73 percent, while the Nifty declines 0.76 percent. The Nifty falls falls below the psychological level of 5,300 for the first time since August 10 on continued caution ahead of the expiry of August derivative contracts on Thursday and April-June GDP data on Friday.

ONGC falls 2.5 percent after Morgan Stanley downgrades the state-run company to "equalweight" citing potential downward revisions to domestic crude oil volumes for fiscal 2014 and uncertainty on international production.

Jaiprakash Associates Ltd falls 7.6 percent, as concerns about net debt levels increased a day after the cement maker raised $150 million in foreign currency convertible bonds, in part, to redeem prior debt.

 

Metals and mining companies such as Sterlite Industries , Sesa Goa and Steel Authority of India extend a recent slump, down about 5 percent each.

Software services exporters fall; Infosys down 1.2 percent.