Sensex, Nifty sink 1%; Cipla, Hindalco, Aurobindo top losers

Moneycontrol Bureau12:59 pm Market Update: Benchmark indices continued to fall. The 30-share BSE Sensex was down 226.30 points at 25814.40 and the 50-share NSE Nifty dropped 74.60 points to 7911.15.About 1882 shares declined against 484 advancing shares on the BSE.12:40 pm Buzzing: Shares of Panacea Biotec surged more than 10 percent intraday as the company launched world's first fully liquid tetravalent vaccine Easyfour-TT in India to protect children from vaccine-preventable diseases.

The tetravalent vaccine is used for active primary immunisation and booster dose against diphtheria, tetanus and pertussis (DTP) and haemophilus influenza type B (Hib).

Easyfour-TT is a sterile and uniform suspension, manufactured using CDAP technology with WHO pre-qualified antigens which ensures good quality, high immunogenicity and less reactogenicity.

12:20 pm Market Expert: The fall in the market is also largely because of unwinding of the position, which people have been carrying. The momentum broke in November and people are now finding pains because the market is not recovering. That is where the desperate selling is taking place,  Deven Choksey of KRChoksey Investment Managers says.According to him, this could be the last leg of selling which may have started happening and whether it could break it down below to 7,750 or even beyond that. Difficult to predict this point of time because volume is very low.

Also read - Divis at 28-month low on regulatory woes; stock not de-rated yet12:00 pm Market CheckThe market remained under pressure with the Sensex shedding more than 250 points, weighed by banking & financials, auto, metals and pharma stocks.The 30-share BSE Sensex was down 263.79 points at 25776.91 and the 50-share NSE Nifty slipped 87.15 points to 7898.60. About four shares declined for every share rising on the BSE.Cipla, Tata Steel, Hero Motocorp, Tata Motors, Hindalco, Aurobindo Pharma, Bharti Infratel, Yes Bank and ONGC are the top losers while HUL was the top gainer.The market could go lower, but it is not the time to panic yet, believes Dipan Mehta, member NSE and BSE.January will be closely watched before taking any call on the market, he says.