Sensex Falls Over 500 Points From Day's High, Nifty Below 11,500

S&P BSE Sensex and NSE Nifty 50 indexes erased intraday gains and were on track to extend losses to fifth day in a row led by declines in heavyweights like Reliance Industries, ICICI Bank, ITC, Asian Paints and Tata Motors. Earlier in the day, Sensex and Nifty opened higher on the back of buying interest in Hindustan Unilever, HDFC, Infosys and Larsen & Toubro but erased gains in afternoon trading. If the benchmarks end lower in today's session then it will be its longest stretch of losses since February.

As of 3:17 pm, the Sensex traded 0.86 per cent or 332 points lower at 38,268 and the NSE Nifty 50 Index dropped 0.88 per cent or 102 points to 11,496.

Sixteen of 19 sector gauges compiled by BSE were trading lower, led by the S&P BSE Energy Index's 2.1 per cent fall. Telecom, bankex, oil & gas, metal and realty indexes also fell between 1 and 1.5 per cent each.

Zee Entertainment was top Nifty loser, down 5 per cent at Rs 368. Tata Motors, ICICI Bank, Bharat Petroleum, Reliance Industries, JSW Steel, Indian Oil and Grasim Industries were also among the losers.

On the flipside, Hindustan Unilever, Bharti Infratel, Larsen & Toubro, Infosys and Hindalco were among the gainers.