Equity benchmarks extended losses in afternoon trade with the BSE benchmark Sensex falling nearly 150 points, dragged by Infosys, Reliance Industries and ITC.
Blue Star saw 50 percent growth in Onam sales against its expectation of 25 percent growth.
“Post summer, we have been looking forward to the onset of the festival season and Onam always indicates how the rest of the period is going to move and it was excellent.
Thiagarajan expects the market to grow by at least 20 percent during the upcoming festive season, that is October to December period.
The index was down 142.29 points at 28492.21 and the Nifty fell 42.25 points to 8766.15. The broader markets also lost further but outperformed benchmarks.
The BSE Midcap and Smallcap indices slipped 0.2-0.4 percent on weak breadth. About 1532 shares declined against 1056 advancing shares on the exchange.