Sensex, Nifty Decline Led By Losses In Reliance Industries, ICICI Bank

Reliance Industries, ICICI Bank, HDFC Bank, Hindustan Unilever and Infosys were among the top drags on the Sensex.

The Indian equity benchmarks edged lower on Thursday ahead of weekly expiry of index futures and option contracts due later in the day. The Sensex fell as much as 316 points and Nifty 50 index dropped below its important psychological level of 15,800. Reliance Industries, ICICI Bank, HDFC Bank, Hindustan Unilever and Infosys were among the top drags on the Sensex. As of 12:36 pm, the Sensex was down 304 points at 52,750 and Nifty 50 index declined 88 points to 15,791. "With earnings season kicking in, markets might get a sense of direction since most positive triggers had already been factored in," said Gaurav Garg, head of research at CapitalVia Global Research in Indore told Reuters. "IT companies are expected to announce robust earnings but we might see some correction if there are any shortfalls in their results as expectations from the sector are very high."