Indian equities plunged deeper in the red during mid morning trade on the back of massive selling in bank, oil, FMCG, power and metal stocks.

Profit booking was seen in PSU, capital goods, pharma and IT sectors. Select realty stocks gained some momentum on expectations of some relief in the budget for them. Auto stocks have drifted lower from their highs owing to lack of proper support. Consumer durable stocks also looked dim.

Trade was muted as investors were cautious before the interim budget for FY10 to be declared today.

The administration is expected to declare measures to lessen the impact of the worldwide economic meltdown on the Indian financial system. A stimulus package may be declared to deal with export sector. Sops for segments such as rural development and infrastructure will also be considered.

At 11:45 a.m., the 30-share index Sensex posted a loss of 196.71 points 9,436.76. Meanwhile, the broad based Nifty was trading lower by 55.70 points, or 0.86%, at 2,892.65.

The BSE Sensex, today (Feb 16) belled the week on a flat note at 9,637.04, as against its last closure in which it gained 168.91 points.

The stock, which lost 2-3% were Sterlite Industries, HDFC Bank, Reliance Communications, Bharti Airtel, State Bank of India, ONGC, Ranbaxy Laboratories, ACC, Tata Power and Wipro.

ICICI Bank, Reliance Industries, Jaiprakash Associates, ITC, HDFC, Reliance Infrastructure, BHEL, Hindustan Unilever, Sun Pharmaceuticals and Hindalco also posted sharp losses.

Renuka Sugars has lost more than 5%. Piramal Healthcare, Siemens, Gujarat NRE Coke, Spice Communications, Idea Cellular, Marico, Welspun Gujarat, Axis Bank, GVK Power, CESC, IVRCL Infrastructure, Bank of India, Sintex Industries, REI Agro, Bank of Baroda and Balrampur Chini were down by 2.5% - 5%.

According to Reliance Money report, “On weekly chart levels of 3090-3120 will act as an extremely strong hurdle specifically with 20 week EMA placed around 3093 levels. Also weekly supports now exist around levels of 2680~2700 range. Once again a ranged action for coming week of February is not ruled out. Focus will now shift more towards RBI's action and interim budget. Negative Global news flow continues to remain a major concern.”