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Banking stocks like SBI, HDFC Bank and ICICI Bank showed some recovery, though they were down 0.2-0.5%. Axis Bank and PNB lost 2% each.
Heavyweights TCS, Infosys, HDFC, L&T and Bharti Airtel lost 0.5-1.5%.
However, cement, FMCG and oil & gas and select auto stocks were bucking the trend. Heavyweight Reliance Industries rebounded with 0.7% gain and ONGC extended rally with a 3% rise.
Market breadth was still in favour of declines; about two shares declined for every one share gained.
At 11:52 hours IST ; Sensex dumps 100 pts; ONGC, Sun Pharma survive sell-off
The race to book profits on expiry day has gained momentum. Fresh shorts were built in technology, banking, telecom and Anil Dhirubhai Ambani group' stocks. The 30-share BSE Sensex was trading at 16,179, down 106 points and the 50-share NSENifty fell 37 points to 4,852 amid volatility.
The broader indices too were following the trend; the BSE Midcap Index was down 1% and Smallcap down 0.7%.
On the sectoral front, the BSE Metal and IT indices fell 2% each. Capital Goods, Bank and Power indices were down 1-1.5%.
Leading largecaps like TCS, Infosys, HDFC, L&T, Bharti, SBI, NTPC, Tata Steel, ICICI Bank and HDFC Bank dropped 1-2.5%. Reliance Industries, BHEL and Wipro declined over 0.5%.
However, ONGC, Sun Pharma and Tata Motors bucked the trend; these stocks lost 2-2.5%.
Smallcaps like Sahara One, Carol Info, Kirloskar Brothers, Unisys Software and Thomas Cook gained 5-10% while Modern India plunged 16%. Himatsingka Seide, C & C Construction, Lovable Lingerie, DCM Shriram and fell 6-8%.
At 10:54 hours IST : Sensex falls further amid choppy trade; banks, tech down
The BSE benchmark Sensex slipped more than 50 points and the Nifty fell way below the 4900 level amid choppy trade. Even the market breadth turned in favour of declines; about two shares declined for every one share gained. The 30-share BSE Sensex was trading at 16,208, down 76 points and the 50-share NSE Nifty fell 28 points to 4,860 led by fall in 38 stocks.
Technology, banking, power, capital goods, telecom and Anil Dhirubhai Ambani Group stocks and select metal stocks were witnessing selling presure. Heavyweight Reliance Industries too was on sellers' radar; the stock declined 0.7%.
However, ONGC, Sun Pharma, Bajaj Auto, Tata Motors and Tata Power were top gainers; these stocks gained 1-2%. HUL, Dr Reddy's Labs and DLF too gained.
In the midcap space, Standard Chartered, Simplex Infra, GMDC, Emami and ABG Shipyard were up 1.5-4% while KGN Industries, Sterlite Tech, Educomp Solutions, Aban Offshore and IVRCL slipped 4-5%.
Even some Asian markets saw some profit booking at higher levels. Kospi, which rose 1.5%, was trading 0.5% higher. Even Nikkei slipped from day's high. Taiwan extended loss; it lost 0.9%.
At 10:10 hours IST : Nifty floats near 4875 as RIL, SBI, ICICI dip, Asia thrives
Indian equity benchmarks continued to see volatile trade on expiry day; they were hovering around their previous closing values despite strong Asian cues. The 30-share BSE Sensex was trading at 16,279, down 5 points and the 50-share NSE Nifty was floating down just 10 points to 4,878.
Asian markets, however, moved up further. Nikkei rose over 2%. Shanghai, Hang Seng, Kospi and Straits Times were up over 1.5%.
On the home turf, heavyweights like Reliance Industries, ICICI Bank, SBI and Bharti Airtel lost 0.6-1.4%.
JSPL, Tata Steel, HCL Tech, Axis Bank, Hero Motocorp, Jaiprakash Associates and Reliance Infrastructure were down 2%. Infosys, TCS and L&T were trading with modest loss.
However, ONGC, Sun Pharma, ITC, BHEL, Tata Motors, Bajaj Auto and Dr Reddy's Labs went up 1-2.6%. DLF, HDFC Bank, HUL and Maruti were marginally in the green.
Market breadth was in favour of declines. About 499 shares advanced while 683 shares declined on National Stock Exchange.
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