Sensex falls over 300 points; L&T, ICICI Bank dip 2%

Benchmark indices have extended losses and are trading near day’s low with Sensex and Nifty slipping over 1% weighed down by metal, auto and financials shares.

By 10:15, the Sensex was lower by 341 points at 28,377 whereas the Nifty has slipped by 100 points at 8,561 levels.

The main losers on the Sensex are GAIL, Tata Power, Tata Steel, ICICI Bank, L&T and M&M.

Markets have started the session lower, after exit polls on Saturday said the Aam Aadmi Party (AAP) would form the government in Delhi.

Most exit polls have predicted a majority for the AAP with one of them giving it as high as 53 seats in the 70-member House.

By 9:25, the Sensex was lower by 216 points at 28,502 whereas the Nifty has slipped by 68 points at 8,593 levels.

Among broader markets, BSE Midcap and Smallcap indices are down 0.6-1.1%. Markets breadth in BSE is weak with 1,035 shares declining and 486 shares advancing.

On the macro economic front, the government will issue the gross domestic product (GDP) data for the financial year's third quarter (Q3, October-December) today.

The government will release index of industrial production (IIP) data for December 2014 on Thursday. On the same day, the government will release data for the annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India in January 2015.

Meanwhile, foreign portfolio investors sold shares worth a net Rs 96.45 crore on Friday, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 115.49 crore on Friday.

Larsen & Toubro Limited

ICICI Bank