Nifty slips below 7,500; Tata Power, L&T top losers

Benchmark indices have extended losses and are trading lower by over 0.5% weighed down by capital goods and financial shares.

By 10:10, the Sensex was lower by 103 points at 25,125 levels and the Nifty declined 43 points at 7,499.

The broader markets are under performing the benchmark indices- BSE Midcap and Smallcap indices have declined by nearly 2%.

The market breadth on BSE remains dismal with 1,457 shares declining and 529 shares advancing.

On the macro front, the government will announce data on inflation based on the wholesale price index (WPI) for May 2014 at 12:00 noon today.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 1,099.92 crore on Friday, as per provisional data from the stock exchanges.

Asian shares got off on the back foot on Monday, as crude extended gains and tested nine-month highs on fears the insurgency in Iraq could worsen and affect oil exports.

Sunni insurgents seized a mainly ethnic Turkmen city in northwestern Iraq on Sunday, while the United States boosted security for its diplomatic staff in Baghdad said some staff had evacuated the embassy.

Brent rose about 0.6% to $113.20 per barrel, after touching $114.69 on Friday, its highest since September. Brent added more than $4 last week. U.S. crude rose about 0.5 percent to $107.43, approaching Friday's nine-month high of $107.68.

On Wall Street on Friday, stocks edged higher, but ended with modest losses for the week.

MSCI's broadest index of Asia-Pacific shares outside Japan was slightly lower in early trade, moving away from a three-year high hit a week ago.

Japan's Nikkei stock average dipped 0.4%, as the yen crept slightly higher, getting a safe-haven lift from investors' rising risk aversion.

Bombay Stock Exchange - BSE

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