Stock market midday report: Sensex down 1082 points, Nifty around 17,200

Domestic equity markets were trading with a nasty cut of more than 1.50% each, dragging the Sensex and Nifty below psychologically important 58,000 and 17,300 levels, respectively. Meanwhile, broader indices, which had succumbed to selling pressure, were trading with hefty losses of roughly 3% each.

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On the global front, Asian markets were trading mostly lower with KOSPI fell 42.44 points or 1.5% to 2,791.85, Hang Seng decreased 269.10 points or 1.08% to 24,696.45, Shanghai Composite declined 1.04 points or 0.03% to 3,521.53, Straits Times trembled 14.10 points or 0.43% to 3,280.76 and Jakarta Composite was down by 63.70 points or 0.95% to 6,662.67. On the other hand, Nikkei 225 surged 66.11 points or 0.24% to 27,588.37 and Taiwan Weighted was up by 89.74 points or 0.5% to 17,989.04.

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The Sensex is now trading at 57955.12, down 1082.06 points or 1.83% after fluctuating between 57935.02 and 59023.97. On the index, there was one stock that advanced and 29 stocks that declined.

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The broader indices were trading in red with the BSE Midcap index losing 3.16%, while the Small cap index was down by 4.06%. The top losing sectoral indices on the BSE were Realty down by 4.94%, Consumer Durables down by 3.69%, Metal down by 3.59%, Basic Materials down by 3.53% and Consumer Discretionary down by 3.50%, while there were no gaining sectoral indices on the BSE.

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The only gainers on the Sensex were Bharti Airtel was up by 0.45%. On the flip side, Tech Mahindra was down by 4.37%, Titan Company down by 4.32%, Bajaj Finance was down by 4.19%, Wipro down by 4.01% and Tata Steel was down by 3.98% were the top losers.

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The Nifty is presently trading at 17285.25, down 331.90 points or 1.88% after ranging between 17280.45 and 17599.40. On the index, there were three stocks that advanced and 47 that declined.

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The top gainers on Nifty were Cipla up by 2.39%, ONGC up by 1.22% and Bharti Airtel was up by 0.47%. On the flip side, JSW Steel was down by 4.74%, Tech Mahindra was down by 4.35%, Titan Company was down by 4.28%, Bajaj Finance was down by 4.23% and Hindalco was down by 4.10% were the top losers.