Markets at Noon: Sensex tanks 959 pts, Nifty below 17000

Market updates: In the noon session trades, the frontline indices clung to losses despite volatility caused by monthly Futures and Option (F&O) expiry and global market weakness. The BSE Sensex was down 959 points at 56,899, while the NSE Nifty was down 280 points at 16,999 at around 1.20 pm.

The BSE MidCap and SmallCap indices were down 2 percent and 1 percent, respectively, at this time. Torrent Pharma, Jubilant Food, ABB India, Apollo Hospital, Trent, Mindtree, Rajesh Exports, SRF, Vodafone Idea, and Godrej Properties were among the worst performers among midcaps, falling 4-15 percent.

The Nifty IT index was the worst performer among sectors, down almost 3 percent, followed by Nifty Realty and Consumer Durables, Pharma, Metals, and Financials. PSU banks, on the other hand, continued to trade steadily. Furthermore, amid rising crude oil prices, shares of aviation businesses were under selling pressure, with InterGlobe Aviation, which operates IndiGo, down as much as 7 percent and SpiceJet, its peer, down 5 percent on the BSE.

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