Sensex, Nifty Extend Losses Led By Utilities, Power, FMCG Stocks: Midday Market Update

India's benchmark stock indices extended losses during a volatile session on Thursday, ending two days of gains, led by a decline in utilities, power, and FMCG stocks.

Asian shares were mixed and European futures fell as investors weighed the risks of an economic slowdown and the outlook for interest rates. Contracts for the S&P 500 also slid, following a 1.6% drop in the index on Wednesday, as per the Bloomberg data.

As of 12:04 p.m., the S&P BSE Sensex declined 86 points, or 0.14%, to 60,959.57, while the NSE Nifty 50 eased 33 points, or 0.18%, to 18,132.80.

Tata Steel Ltd., ONGC Ltd., HDFC Life Insurance Co., Coal India Ltd., and SBI Life Insurance Co. were the top gainers amongst the NSE Nifty 50 constituents.

Whereas, Adani Enterprises Ltd., Hindustan Unilever Ltd., IndusInd Bank Ltd., Adani Ports and Special Economic Zone Ltd. and Tata Consumer Products Ltd. were the top losers in the gauge.

The broader market indices were mixed with the S&P BSE MidCap easing 0.08%, whereas S&P BSE SmallCap gained 0.04%.

Fourteen out of the 20 sectors compiled by BSE Ltd. declined, while six advanced in trade.

The market breadth was skewed in favour of the bears. About 1,588 stocks rose, 1,718 declined, 163 remained unchanged on the BSE.