Sensex slumps over 200 pts; Nifty weak; Infosys, HDFC twins drag

Moneycontrol Bureau11:45 am Interview: Gujarat Gas 's non-executive Chairman GR Aloria is hopeful of putting up a better show in FY17 after the company reported good numbers in the March quarter. Aloria told CNBC-TV18 that he expects Gujarat Gas' volumes to improve going ahead. He said that the company is looking to expand its network and this will boost its volumes. "We hope to clock Rs 250-crore profit in FY17," Aloria said.11:30 am Maruti in defence: The vehicle safety group Global NCAP's report on Tuesday said that as many as five popular passenger vehicle car models in India, including Maruti Celerio, Renault Kwid, Mahindra Scorio and Hyundai Eon, failed crash tests with 'zero star' rating. Reacting to the report, RC Bhargava, Chariman, Maruti Suzuki India said the GNCAP is a voluntary standard and no country requires you to pass its standards. So there is no fear of exports being hit, he added. Moreover, the GNCAP has not tested cars as per Indian Standards, which the company complies with as per the Indian law. “Our regulations require that crash tests are done at a speed of 56 km/hr. This is the same standard that prevails in Europe and in the USA,” he said.Don't miss: PNB likely to report loss in Q4, slippages may remain elevated  

Selling continues in Dalal Street as the Nifty drags. The the Sensex is down 231.07 points or 0.9 percent at 25542.54, and the Nifty down 69.20 points or 0.9 percent at 7821.55. About 895 shares have advanced, 1148 shares declined, and 115 shares are unchanged.

ONGC, SBI, Dr Reddy's Labs, L&T and Reliance are top gainers while Maruti, BHEL, Bajaj Auto, Hero MotoCorp and Tata Motors are loser. Infosys, HDFC twins, ITC and TCS are dragging the indices.

Crude hit fresh 2016 highs in its march toward USD 50 in Asia today, fanned by escalating wildfires in Canada's oil sands region and hopes of an easing in the oversupply. Prices have shot up after US banking giant Goldman Sachs this week said that supply disruptions in Africa's biggest oil producer Nigeria -- along with better demand -- had created a surprising short-term supply deficit.