Sensex falls 200 pts, Nifty breaks 7500; TCS, RIL drag

Moneycontrol Bureau10:57 am Market Update: Equity benchmarks fell further with the Sensex falling 208.64 points to 24585.32 and the Nifty declining 56.15 points to 7475.65.10:50 am The Cabinet has cleared hydrocarbon exploration and licensing policy today that will all issues related to oil sector.10:40 am Buzzing: Shares of Sharp India gained nearly 13 percent intraday after promoter approved investment in the company by Taiwan-based electronics contract manufacturing company.

"Sharp Corporation, Japan will issue new shares (common shares and Class C shares) to Hon Hai Precision Industry Company, Foxconn (Far East) and SIO International Holdings," the electronic products manufacturer says.

In addition, Sharp Corporation (Japan) also announced expected change of the parent company, which will occur as a result of the capital increase through third-party allotment.

Currently Sharp Corporation (Japan) holds 75 percent stake in the company while Hon Hai Precision Industry Company, Foxconn (Far East) is a wholly-owned subsidiary of Hon Hai Precision Industry (Foxconn FE), Foxconn Technology.10:20 am KSK Energy in news: KSK Energy is likely to sell its entire 74 percent stake in Wardha thermal power plant for up to Rs 3000 crore, sources have told CNBC-TV18.

The company is in talks with foreign strategic investors and two Indian power companies.

Sources further say the company plans to utilize this capital to reduce debt and expand its 3600 MW power project in Chhattisgarh.KSK shares were up 7 percent in early Thursday trade, after CNBC-TV18 broke this exclusive.Also read - KSK in talks to sell 74% stake in Wardha power plant: Sources10:00 am Market Check

The market extended losses with the Sensex falling 177.69 points to 24616.27 and the Nifty down 47.25 points to 7484.55. The BSE Midcap also lost shine, trading flat but Smallcap outperformed, rising 0.4 percent.

The market breadth was positive as about 1008 shares advanced against 699 declining shares on the BSE.

Infosys fell nearly 3 percent after 78 lakh shares exchanged hands on BSE & NSE at around Rs 1,150 per share. There were reports saying former leaders of the company S Gopalakrishnan and SD Shibulal & family were likely to sell 50 lakh and 25 lakh shares via block deals today.

TCS, Reliance Industries, L&T, Sun Pharma and HUL declined more than 1 percent while Hindalco bucked the trend, up 3 percent.