The 30-share BSE Sensex shut shop at 16,327.84, down 101.07 points or 0.62 per cent and the 50-share NSE Nifty fell 0.53 per cent or 26.25 points to shut shop at 4,887.75.
However, the losses were limited marginally due to buying in biggies like NTPC, HDFC Bank, Bharti Airtel, Infosys, HDFC.
One of the biggest losers which also led the markets to the red zone was index heavyweight Reliance Industries which ended below the sub Rs 1000 level, declining 3.35 per cent.
Sensex slips 126 pts on selling in RIL, SBI
The markets continued to see volatile trade, and Sensex continued its southbound journey. At 2:01 pm, BSE Sensex was trading at 16302, down 126 points and NSE Nifty was at 4879, down 34.5 points.
Sensex plunged on back of selling in heavyweights Reliance Industries (down 3 per cent) and SBI ( down 1 per cent).
However, the losses were capped marginally due to the buying in NTPC, Axis Bank, Infosys, HDFC Bank, HDFC, Siemens, Idea Cellular, Cipla, Hero Honda, Ranbaxy and DLF.
The broader indices too declined 0.4 to 0.6 per cent.
JM Financial up 12.75 per cent, Havells India, Omaxe, 3M India and Godrej Consumer up 3to 4.5 per cent were the top midcap gainers, while Castrol, Shree Renuka, Bajaj Hindusthan, Balrampur Chini and Indiabulls Real declined 4 to 6 per cent.
In the small cap space, Abbott India, Venus Remedies, Electrotherm, Surana Industries and Gee Kay Finance rose 5.6 to 11.4 per cent, while Thinksoft was locked at 10% lower circuit. Panacea Biotec, IndiaNivesh and Indo Tech Transformers slipped 5 to 9 per cent.
Mkts southbound; RIL slips 2 pc
Nifty continues to trade lower amid volatility due to profit booking. At 11: 31 am, BSE Sensex was trading at 16385, down 43 points and NSE Nifty was at 4901, down 13 points. The broader indices were flat in trade.
Even though buying continued in pharma, technology, private financial and select power companies' shares, markets were reeling under the selling pressure in oil & gas exploration, metal, cement, select telecom and auto companies' shares.
The other losers were SBI, BHEL, Unitech, Jaiprakash Associates, PNB and ITC.
In the banking segment, Axis Bank and HDFC Bank gained 1.3 to 2.4 per cent while IDFC gained 4.4 per cent and ICICI Bank was up 0.7 per cent.
In the IT sector, Infosys and TCS went up 0.7 to 0.9 per cent and Wipro rose 0.2 per cent.
In pharma, Ranbaxy Labs surged 2.7 per cent, Cipla rose 1.2 per cent and Sun Pharma gained 0.5 per cent
On the negative side, metal stocks like SAIL, Tata Steel, Jindal Steel and Sterlite dipped 1 to 2 per cent. Heavyweight Reliance Industries slipped 2 per cent, SBI was down 0.9 pc, BHEL was down 0.7 and ONGC 0.4 per cent.
12: 02 PM
Mkts open weak; metal, IT, telecom under pressure
After seeing a rally and closing above the psychological 4900 mark in the previous session, Nifty opened the day on the weaker side amid volatility.
At 9:02 am, NSE Nifty was trading at 4895, down 18 points and BSE Sensex was at 16371, down 57 points. However, the CNX Midcap was up 5 points at 7360.
Metal, select banking, technology, capital goods, oil & gas and telecom stocks were under pressure.
IDFC, BPCL, Cipla, Tata Power, Sun Pharma, Infosys, DLF and ITC were the frontline gainers.
SAIL, Tata Steel, Sterlite Industries, Reliance Industries, Unitech, Jaiprakash Associates, SBI, HDFC, L&T, BHEL and Ambuja Cements were trading in the negative territory.
In the midcap and smallcap space, Thinksoft continues to reel as it was locked at 10pc lower circuit. Over the last two days, it plunged over 40pc in two 20 per cent lower circuits. Following this, the stock entered into trade-for-trade.
Among other losers, Shree Ashtavinayak was down 5 per cent, and Shree Renuka Sugars dipped 2 per cent ( sugar prices down globally).
Trading on the positive side were Fame India, Reliance Capital, KRBL, Clutch Auto and Max India.
9: 46 AM