Stocks extend losses on F&O expiry, GDP data

Mumbai: The benchmark Sensex extended losses by 300 points or 0.90 percent due to selling in energy, banking, financial and FMCG stocks as investors remained cautious due to November series F&O expiry and September quarter GDP data due today.

Lower Asian markets also weighed on the sentiment.

The 30-share BSE index dropped by 301.44 points or 0.90 percent to 33,301.32 at 1150 hrs.

The broader NSE Nifty trading below the key 10,300- level at 10,275.85, down by 85.45 points or 0.82 percent.

Major losers were Reliance Industries, Cipla and Kotak Bank which fell up to 1.75 percent. M&M, Axis Bank, ITC, Tata Motors, ICICI Bank, Hindustan Unilever and HDFC also dropped up to 1.60 percent.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 859.27 crore yesterday, as per provisional data. Domestic institutional investors (DIIs) bought equities worth a net Rs 771.07 crore.

Asian markets fell as investors ponder the longevity of the global equity bull run.

In the US, the Dow Jones Industrial Average closed at a new high yesterday even as the Nasdaq Composite logged its worst day in three months as a selloff in megacap technology shares.

-- Rupee down by 14 paise against US dollar --

The rupee recovered from steep losses in late morning session to trade at 64.45 per US dollar, still down by 14 paise over the previous close.

The domestic unit opened at 64.54 against previous closing level of 64.31 per dollar at the interbank forex market on heavy bouts of month-end dollar demand from importers and banks.

It hovered between 64.55 and 64.41 per dollar in morning session before quoting at 64.45 at 1150 hrs.

Globally, the US dollar rose against its major rivals in early Asian trade after upbeat US economic growth data.