Markets extend losses on a broad-based selloff. Sensex nosedives 1,500 points while the  Nifty 50 struggles to retain 14,650 at 12:00 hrs. Banking and financial stocks underperform most, while metal and auto stocks also weigh down.

Sensex slid heavily by heavyweight stocks with ICICI Bank taking a top spot in the underperformers bucket slumping by 5.3 percent followed by IndusInd Bank, Axis Bank, HDFC and HDFC Bank tumbling around 5 percent each.

Kotak Bank, Bajaj Finserv, State bank of India, Bajaj Finance, Mahindra and Mahindra, Oil and Natural Gas Corp and Reliance dropped between 3-4 percent. While HCL Tech, Asian Paint, Infosys, TCS, Bajaj Auto, Tech Mahindra, Bharti Airtel, Power Grid and L&T dipped between 2-3 percent. However, heavyweights like Dr Reddy's, Maruti Suzuki, Sun Pharma, Ultratech Cement and Nestle were the only gainers on Sensex.

Based on sectoral indices on the BSE, the Bankex index was the worst hit plunging by 1,767.70 points followed by Consumer Durables and Auto index diving by 538.48 points and 469.69 points respectively. IT index dipped 420.95 points, while Oil & Gas and Finance index slipped by 380.21 points and 329.99 points.

Meanwhile, most of the Asian markets are trading backward in line with weak sentiments. Nikkei of Japan was trading lower by over 2 percent.

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