Equity benchmark indices extended losses during the afternoon session as selling pressure was witnessed in L&T
, Axis Bank, TCS and SBI. However, buying was seen in HDFC Bank
, ICICI Bank, Kotak Mahindra Bank
and Sun Pharma.
On the sectoral front, metal, realty, auto, PSU Bank, media and IT stocks were trading in the red, while pharma stocks were in the green.
was down 134 points at 38,596, and the Nifty 50 was trading 33 points lower at 11,523. Both Nifty Midcap 100 and Nifty Smallcap 100 were trading lower by 0.49% and 0.34%, respectively.
On the international front, top US and Chinese negotiators held phone talks as the world's top two economies seek to resolve their trade war, according to the media reports. This development comes in more than a week after the two nations declared a truce.
Further, investors awaited Federal Reserve Chair Jerome Powell's speech for clarity on the Fed's stand on rate cuts in the US.
In afternoon deals, the domestic currency was trading lower at 68.55, down by 4 paise.