Oil and gas and IT shares witnessed selling pressure, while Healthcare and FMCG shares were trading higher on defensive buying. Wind turbine maker Suzlon Energy slipped on rights issue plan with the Company's Board expected to meet on September 27 to consider a Rs 1,800 crore rights issue. on Wednesday, Sep 24, roll over in Nifty stood at about 44 per cent from September 2008 contracts to October 2008 contracts. Expected announcement of inflation data for 12 months to 13 September 2008, after market hours, also kept investors on the sidelines.
Asian markets, which opened before Indian markets, were mixed. Key benchmark indices in Japan, South Korea, Singapore and Taiwan were down between 0.31 per cent to 1.35 per cent. Key benchmark indices in Hong Kong and China were up between 0.59 per cent and 3.94 per cent, which also contributed to better trend at the bources, brokers said.
Later, the BSE 30-share Sensex was down 67.79 points or 0.50 per cent at 13,624.73. The index hit the low of 13,602.87 in early trade. The S &P CNX Nifty index of National Stock Exchange (NSE), however, resumed flat at 4,162.15 points, later it was down by 34.40 points or 0.83 per cent at 4,126.85 points.
The BSE Mid-Cap index was up 0.04 per cent at 5,128.89 and the BSE Small-Cap index was up 0.08 per cent at 6,106.26.
Tata Steel was flat at Rs 485.30 after at least one crore shares, or 1.37 per cent of its equity changed hands in two block deals on BSE at a weighted average price of Rs 486.50 each.
Suzlon Energy fell 2.98 per cent at Rs 190.20.
Bharti Airtel was down by 2.15 per cent at Rs 793, Satyam Computer came down 2.05 per cent at Rs 327.05, Sterlite Industries eased 1.65 per cent at Rs 479.50, TCS slipped 1.18 per cent at Rs 705.10 and Reliance Infrastructure declined 0.92 per cent at Rs 880.95. They were the major losers from the Sensex pack.
However, a few stocks rallied, including Housing Development Finance Corporations up by 2.06 per cent at Rs 2,225.05, ITC rose 1.76 per cent at Rs 196.30, Maruti Suzuki hiked 1.02 per cent at Rs 705.30 and Hindustan Unilever hardened 0.64 per cent at Rs 250.85.