New Delhi: Shares extended losses to 0.7% on Monday after government data showed the country’s industrial output in October contracted 5.1%, a much sharper-than-expected drop.

Markets at 09:21 on 12-12-2011.

At 11:12am, the 30-share BSE index was down 0.48% at 16,135.14 points, with 22 of its components in the red. The 50-share NSE index dropped 0.41% to 4,846.70.

Shares were little changed after opening, led by HDFC Bank and State Bank of India, as Europe’s moves to tackle the euro zone debt woes bolstered sentiment.

Investors, however, were cautious with India’s industrial output expected to have shrank

At 9:18 am, the 30-share BSE index was up 0.62% at 16,313.43, with all but 5 of its components rising.

The broader 50-share NSE index rose 0.5% to 4,890.85.