Sensex, Nifty slide further as markets keep tumbling

On Thursday, the key equity benchmarks- Sensex and Nifty opened on a weak note once again as both the indices slipped below new psychological marks.

The 30-share BSE Sensex opened with a loss of 47.14 points on 31,750.73 while the broader 50-share NSE Nifty lost 36.80 points to begin trading on 9,872.85.
However, the indices kept extending the losses with Sensex slipping to the day low of 31,637.79. At 9.30 am, the index was still trading below the psychological mark of 31,700. Nifty too, has failed to regain the 9,900-mark.
The markets have been volatile since the announcement of cuts in key interest rates by the Reserve Bank of India (RBI), earlier this month. Analysts said that the investors had already factored in the tweak in interest rates and were disappointed as the central bank maintained its neutral stance.
Investors came in for yet another blow when the market regulator Sebi issued directive to bourses to stall trading of 331 shell companies. Coupled with weak global cues and volatility ahead of inflation numbers, which are due on Friday, negative sentiments have gripped the equity markets.
On Thursday, pharma stocks made a comeback in early trade with Dr. Reddy’s, Cipla, Lupin and Sun Pharma being the major gainers while Tata Motors, ONGC, Adani Ports and BPCL were losing the most.