Live: Sensex Down Over 200 Points, Nifty Hovers Around 7,050

11:55 a.m.: The market breadth continues to remain bearish as 1,509 stocks were falling while 634 were advancing.

11:40 a.m.: From the Nifty-50 basket of stocks, 39 were declining while11 were advancing. NTPC was the top loser, down 3.35 per cent to Rs. 119.65. Tata Motors, Cairn India, ONGC, BHEL, Vedanta, Sun Pharma, Adani Ports and Cipla were also among the losers.

11:36 a.m.: Retail portion of NTPC share sale subscribed 3 per cent till 11:25 a.m.

11:22 a.m.: Pharma stocks were also facing the heat of selling pressure. The Nifty Pharma index was down 2 per cent; Divis Labs, Aurobindo Pharma, Sun Pharma, Lupin, Cadila Healthcare and Cipla were also among the losers, down 1.7-5 per cent each.

11:15 a.m.: Despite correction Indian markets are not cheap, currently Indian markets are trading at price-to-earnings ratio of 17 times: Ritu Arora, CIO, Canara HSBC OBC Life Insurance.

11:08 a.m.: From three year time horizon it is good time to start investing in fundamentally strong companies which have strong brand value and earnings visibility, says Ritu Arora, CIO with Canara HSBC OBC Life Insurance.

11:00 a.m.: The stock markets extended losses in the late morning trades on the back of broad-based selling. The Sensex fell 215 points to 23,195 and Nifty declined 60 points and below its crucial psychological level of 7,050.

10:51 a.m.: CLSA has maintained its buy call on Bharti Airtel for target price of Rs. 395/share. CLSA sees improvement in core operations in Africa despite currency woes and expect a positive shift in Africa. It adds that India business is at a multi-year data boom and expects 11 per cent EBITDA CAGR in India operations. (Click here for more brokerage calls)

10:42 a.m.: The market breadth is bearish as 1,204 stocks were declining while 650 were advancing.

10:13 a.m.: Select large-caps like Infosys and Britannia Industries are available at attractive valuations, says Pankaj Sharma.

10:08 a.m.: No reason for markets to go up till we see recovery in earnings, says Pankaj Sharma, head of equities with Equirus Securities.

10:02 a.m.: Banking stocks were witnessing the heat of selling pressure. The Bank Nifty was down 1.34 per cent; Federal Bank, Punjab National Bank, ICICI Bank, IndisInd Bank, Axis Bank and Yes Bank were among the losers, down 1.2-3.42 per cent each.

9:52 a.m.: Metal stocks were facing the heat of selling pressure. The BSE metal index fell 1.85 per cent; NMDC was the top loser from this space. The stock slumped 12.2 per cent to Rs. 81.80 after the company announced to pay dividend of Rs. 9.50 per share to its shareholders. Vedanta, Hindalco, Jindal Steel, SAIL, Nalco and Hindustan Zinc were also among the losers, down 0.88-2.7 per cent each.

9:40 a.m.: Divis Labs was the top loser from the mid-cap space, down 3.72 per cent to Rs. 944. Neyveli Lignite, Indian Bank, M&M Financial Services, Wockhardt, JSW Energy and Berger Paints were also among the losers, down 1.77-3.2 per cent each.

9:25 a.m.: The Sensex fell over 150 points and Nifty slipped below its crucial psychological level of 7,100 in the opening deals on Wednesday tracking selling across the sectors amid weak global cues.

The Sensex fell as much as 162 points to hit low of 23,247.94 and Nifty touched low of 7,062.

Selling pressure was visible across the board with banking and metal stocks leading the fall. The banking and metal indices on the BSE fell 1.2 and 1.7 per cent each respectively.

The broader markets were also facing the heat of selling pressure. The BSE mid-cap index fell 0.74 per cent and small-cap index declined 0.56 per cent.

From the Nifty-50 baskets of stocks, 35 shares were declining while 15 were advancing.

Punjab National Bank was the top loser in the Nifty down 3 per cent to Rs. 70.50. Cairn India, Vedanta, ONGC, NTPC, ICICI Bank, Tata Motors, BHEL and State Bank of India were also among the losers.

On the other hand, BPCL, Power Grid, GAIL India, Maruti Suzuki and HUL were among the gainers.

8:11 a.m.: The Sensex and Nifty are likely to open lower in trades today tracking losses in the Nifty futures traded on the Singapore Stock Exchange amid weak global cues.

The Nifty futures traded on Singapore exchange also known as the SGX Nifty was down 0.06 per cent or 4 points at 7,104.

Meanwhile, other Asian markets were trading on a weak note after a nascent recovery in the oil market lost momentum after Saudi Oil Minister Ali Al-Naimi effectively ruled out production cuts by major producers anytime soon.

Japan’s Nikkei was down 0.65 per cent, China’s Shanghai Composite slipped 0.3 per cent and Hong Kong’s Hang Seng fell over 1 per cent.

Overnight, Wall Street stocks slid on Tuesday, hurt by pressure from a renewed drop in oil prices, undercutting momentum that had helped the market rebound from a sluggish start to the year.

The major U.S. indexes closed down more than 1 per cent. Crude prices settled down more than 4 percent as Saudi Oil Minister Ali Al-Naimi effectively ruled out production cuts anytime soon.

The Dow Jones industrial average fell 188.88 points, or 1.14 per cent, to 16,431.78, the S&P 500 lost 24.23 points, or 1.25 per cent, to 1,921.27 and the Nasdaq Composite dropped 67.02 points, or 1.47 per cent, to 4,503.58.

Back home, foreign institutional investors continued to sell Indian shares in the cash segment of the stock markets. On Tuesday, FIIs sold shares worth Rs. 289.66 crore while the domestic investors bought shares worth Rs. 257.93 crore.