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The BSE benchmark Sensex edged lower in late noon deals on Monday owing to selling visible in oil & gas, FMCG and consumer durable stocks.
The 50-share Nifty slipped below its psychological level of 8,800 led by selling pressure in blue chip stocks like ONGC, Reliance Industries, ITC and HUL.
Meanwhile, the Budget session of the Indian government started today with the President Pranab Mukherjee addressing both the houses of the Parliament.
President Pranab Mukherjee said that inclusive growth was the government's top priority and it was committed to expand the job market.
"Inclusive growth covering the poorest of poor is the government's top priority," Mr Mukherjee said while addressing the members of two houses of parliament at the start of the budget session.
In the stock markets, traders were seen squaring off their leveraged positions (stocks bought on borrowed money) ahead of the key event which is expected to impact markets in a big way, analysts said.
From the Nifty basket, heavyweights like Reliance Industries, State Bank of India, ONGC, ITC, Hindustan Uniliver, DLF, HDFC and BHEL were among the laggards trading weaker by 1-3 per cent each.
The broader markets which were out performing the benchmark indices also fell prey to the selling pressure. The BSE mid-cap and small-cap indices were quoting weaker by 0.4 per cent each.
Selling was visible across the sectors with oil & gas, FMCG, consumer durables and realty stocks leading the losses.
AT the same time some amount of buying was seen in capital goods and power stocks.
AT 2:35 PM, the Sensex fell 213 points to 29,018 and the Nifty was down 63 points at 8,770.
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