Sensex, Nifty continue to skid; Bajaj Auto tanks 4%

Moneycontrol Bureau11:45 am Market outlook: The market does not appear to be particularly volatile, in fact it is in the normal range of volatility, says Vetri Subramaniam, CIO of Religare Invesco Mutual Fund. The trading range of the market is 15 percent, he says. Global newsflow has been strong and that is having an impact on the markets, but that's about it, he adds. However, big disappointments have come from earnings downgrades over the past few quarters. This time too, earnings are trending lower, he says. According to him, FY16 and FY17 growth estimates are likely to be revised lower by the end of the earnings season. As far as the Bihar elections are concerned, he says people always like to play up important state elections as the mood of the electorate and a referendum on policy making at the Centre. But, he is not sure whether the outcome of the polls will make a huge difference.11:30 am Buzzing: Shares of Jet Airways soared 8 percent intraday after it got itself a new maverick investor. Ace investor Rakesh Jhunjhunwala purchased 1.05 percent stake in the airline company for Rs 50.52 crore through an open market transaction. Jet Airways had gained 11 percent on Friday. According to the bulk deals data available with NSE, Jhunjhunwala's RARE Enterprises acquired 11,95,000 shares or 1.05 percent stake in the private airline. The shares were bought at an average price of Rs 422.76, valuing the transaction at Rs 50.52 crore.Don't miss: Cold coffee: Cafe Day owner firm falls 14% on debut day

The market is sliding away as the the Sensex is down 128.95 points or 0.5 percent at 26527.88. The Nifty slips 34.85 points or 0.4 percent at 8030.95. About 820 shares have advanced, 1260 shares declined, and 86 shares are unchanged.

Capital goods, metals and pharma stocks are falling sharply. Hit by weak October sales, Bajaj Auto is down 4 percent. Hindalco, Lupin, Tata Steel and L&T are major losers in the Sensex. Among the gainers are M&M, ICICI Bank, Tata Motors, Maruti and Axis Bank.

Oil prices fell in as analysts expected weaker demand from China in upcoming months. The weakness came after gains made last week following a further decline in the US oil rig count which indicated that domestic crude production could drop in coming months.

But in Asia, the possibility of slowing demand in China dominated trade on Monday, with growth faltering in the world's No.2 economy.