Market Live: D-Street extends fall, Nifty below 10,650, Sensex drags 400 pts

Selling is visible across all sectors, with maximum pain visible among metals, automobiles and consumption names. Financials are trading in the red as well.

Buzzing: General Insurance Corporation of India shares fell over a percent in morning on Thursday after global investment firm HSBC slashed price target to Rs 400 from Rs 421 earlier.

“The stock trades at 1.9x Mar-19 estimated price-to-book value (1.8x Mar-20 estimated) for a normalised return on equity of 14.2 percent,” the research house said while reiterating buy call on the insurance company.

Top gainers and losers on the Sensex:

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Market Update Equity benchmarks have extended their losses, with the Sensex falling over 350 points, while the Nifty is well below 10,700.

The Sensex is down 359.66 points or 1.00% at 35524.75, and the Nifty down 120.80 points or 1.12% at 10662.10. The market breadth is negative as 388 shares advanced, against a decline of 1295 shares, while 71 shares were unchanged.

Selling is visible across all sectors, with maximum pain visible among metals, automobiles and consumption names. Financials are trading in the red as well.

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Sun Pharma and Power Grid were the top gainers, while Vedanta, Maruti Suzuki, and Tech Mahindra lost the most.

OIL ahead of OPEC Meet: Oil prices dipped on Thursday in tepid trading ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October.

U.S. West Texas Intermediate (WTI) crude futures were at $52.57 per barrel at 0109 GMT, down 32 cents, or 0.6 percent, from their last close.

International Brent crude oil futures were down 17 cents, or 0.3 percent, at $61.39 per barrel.

Market opens: It is a weak start for the market on Thursday as Nifty slipped below 10,750 level.

At 09:17 hrs IST, the Sensex is down 199.23 points at 35,685.18, while Nifty down 64.60 points at 10,718.30. About 183 shares have advanced, 538 shares declined, and 27 shares are unchanged.

OMC stocks are trading weak, JSW Steel, Yes Bank, Cipla, DLF, PFC, HDFC, IndusInd Bank are among other losers. Infosys, REC, Jet Airways and Sun Pharma are trading higher.

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