Share markets in India gave up all of their early gains in the afternoon session, with the benchmark BSE Sensex dropping more than 600 points from the day's high.
Benchmark indices reversed trend and turned bearish by the afternoon session, amid weak opening in European markets.
European shares slipped as losses in defensive sectors outweighed optimism over encouraging quarterly results from consumer giant Nestle and telecoms equipment maker Ericsson.
Meanwhile, market regulator's chairman Ajay Tyagi today said that every stakeholder needs to play significant role to reform the markets. He also urged independent directors leaving due to corporate governance to flag such issues.
The BSE Sensex is presently trading down by 191 points, down 0.5%. Meanwhile, the NSE Nifty is trading down by 61 points.
Shares of TCS fell over 2.5%, while Bajaj Finance, Reliance Industries, and IndusInd Bank fell 2%.
Hindustan Zinc share price is in focus today after the company announced a dividend of Rs 21.3 per share, its highest interim dividend in 12 years.
Sectoral indices are trading in red with stocks in the energy sector witnessing most of the selling pressure.
More details to follow in the upcoming commentary.
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