PSU banking, FMCG and energy shares were witnessing selling pressure while some amount buying was seen in metal, auto and realty shares.
Sensex fell over 100 points while the Nifty was struggling below 9,500 as selling pressure in heavyweights such as Reliance Industries, Infosys, TCS and ITC weighed on the benchmark indices. Meanwhile, PSU banking shares extended their selloff to a third day as concerns about provisioning for defaulted loans continued. Meanwhile, weak global cues also added to the negative sentiment.
Asian shares slumped on Wednesday after Wall Street was knocked hard in the wake of a delay to a U.S. healthcare reform vote, while the euro rallied after European Central Bank President Mario Draghi hinted that the ECB could trim its stimulus this year.
Back home, PSU banking, FMCG and energy shares were witnessing selling pressure while some amount buying was seen in metal, auto and realty shares.
From the Nifty basket of shares, 28 were trading higher while 23 were among the losers. Asian Paints was the top Nifty loser, down 2 per cent at Rs. 1,110.
Index heavyweight Reliance Industries snapped its 9-day winning streak on account of profit taking.
State Bank of India, ITC, HDFC, Wipro, Bharti Airtel, Infosys, Larsen & Toubro and TCS were also among the losers.
On the other hand, Tech Mahindra, UltraTech Cement, Tata Steel, Vedanta, Maruti Suzuki, ICICI Bank and Yes Bank were among the gainers.
The broader markets recovered from morning lows and the BSE mid-cap and small-cap indices were trading 0.4 and 0.3 per cent higher.
The overall market breadth was neutral as 1,230 shares were trading higher while 1,014 were trading lower on the BSE.
As of 11:45 am, the Sensex was down 24 points at 30,934 and Nifty was unchanged at 9,510.
Source - NDTV