Stock market midday report: Sensex down 450 points, Nifty around 17,000

Despite encouraging signs from other Asian markets, Indian stock indices extended losses in the late morning session, with both the Sensex and Nifty trading in the red.

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Globally, Asian markets were mostly in the green, with the Jakarta Composite up 34.90 points or 0.53% to 6,573.41, the Straits Times up 24.45 points or 0.79% to 3,126.38, the Shanghai Composite up 13.49 points or 0.37% to 3,620.92, the KOSPI up 10.71 points or 0.36% to 2,979.04, and the Taiwan Weighted up 8.79 points or 0.05% to 17,705.93. On the other hand, the Nikkei 225 down 93.97 points, or 0.34%, to 27,935.60, while the Hang Seng fell 300.30 points, or 1.26%, to 23,466.39.

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The BSE Sensex is presently trading at 57244.81, down 451.65 points or 0.78% from its high of 57781.46 and low of 57215.00. On the index, there were four stocks that advanced and 26 stocks that declined.

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The wider indexes were trading in the negative, with the BSE Midcap index down 0.40% and the Small-cap index down 0.19%.

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The top gaining sectoral indices on the BSE were Realty up by 0.69%, Capital Goods up by 0.08%, Basic Materials up by 0.06%, and Metal up by 0.04%, while the top losing indices on the BSE were IT down by 1.76%, TECK down by 1.66%, Auto down by 1.02%, Oil & Gas down by 1.01%, and FMCG down by 0.88%.

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The biggest gainers on the Sensex were HDFC, which increased by 0.72%, ICICI Bank, which increased by 0.59%, Tata Steel, which increased by 0.36%, and Axis Bank, which increased by 0.29%. HCL Tech was down 2.54%, Tech Mahindra was down 2.02%, Infosys was down 2.01 percent, Maruti Suzuki was down 1.98%, and Indusind Bank was down 1.96%.

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The Nifty is presently trading at 17063.00, down 133.70 points or 0.78% from a high of 17216.75 and a low of 17057.70. On the index, there were 8 stocks that advanced and 42 stocks that declined.

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UPL gained 2.49%, JSW Steel gained 1.38%, HDFC gained 0.77%, Hindalco gained 0.69%, and ICICI Bank gained 0.61% on the Nifty. The top losers were Coal India, which fell 5.88%, HCL Tech, which fell 2.55%, Maruti Suzuki, which fell 2.17%, Infosys, which fell 2.06%, and Wipro, which fell 2.01%.

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