Indian equities extended losses in the post noon deals on Thursday. Nifty is trading on a cautious note slipping below 8,300 mark due  to F&O expiry later in a day. At 1.22 p.m., the Sensex was trading down 175.67 points or 0.64% at 27,388.99 with 25 components falling.  Meanwhile, the Nifty was trading lower by 56.80 points or 0.68% at 8,277.80 with 41 components falling.  

RBI Policy review is scheduled on June 2, industry are hoping rate cut this time. Rohit Gadia, Founder & CEO, CapitalVia Global Research said, 'If RBI turn dovish on June 2 and cuts rate by 25 bps or more definitely market would cheer up. Since Inflation has remained under control and Industrial output decelerated in month of March as compared to previous month. Further the GDP numbers for the last quarter of FY 2014-15 is due on Friday ; 28th May. Estimates are showing that it may come marginally lower than previous quarter; thus rate cuts are likely to happen and would bring some positive move, it may test the level of 8,550 in near term.'

Major gainers in the 30-share index were Tata Motors  (1.98%), Vedanta  (1.54%), Infosys  (0.68%), I T C  (0.35%), G A I L (India)  (0.04%),  and Hero Motocorp (0.03%).

On the other hand, Cipla  (3.01%), Mahindra & Mahindra  (2.92%), Housing Development Finance Corporation  (2.19%), Tata Power Company  (2.18%), Dr Reddy'S Laboratories  (1.83%),  and Hindalco Industries  (1.72%) were the major losers in the Sensex.

The Capital Goods index was at 16,464.99, down by 140.59 points or by 0.85%. The Metal index was at 9,636.64, down by 77.34 points or by 0.8%. The Consumer Durables index was at 10,403.84, down by 77.58 points or by 0.74%. On the other hand, the Oil & Gas index was at 9,522.73, up by 20.59 points or by 0.22%.

Market breadth was negative with 982 advances against 1,328 declines.