The indices gained support from the bounce back in the European market.
BSE Sensex shut shop at 17,087.96, down 49.18 points and NSE Nifty ended at 5124.90, down 23.60.
The markets have been reeling under sell-off since Tuesday, May 4 on European debt woes.
4: 11 PM
Mkts turn red after European mkts open
While European debt woes had hit the Indian markets leading to the indices opening the day in the red, the benchmarks and the midcap indices had earlier recovered some of its losses and turned.
However, the opening of European markets along with other factors have yet again taken the Indian markets to the negative territory.
At 2: 20 pm, BSE Sensex was trading at 16,981.15, down 155.99 and NSE Nifty was at 5095.85, down 52.65 points.
Capital goods, power, banking, metal, realty, FMCG, oil & gas exploration and select auto companies' shares were reeling under pressure.
On the positive side, Bharti, Wipro, HCL Tech, Kotak Mahindra, BPCL, M&M and Ranbaxy Labs were up on the Nifty.
2: 32 PM
Mkts recover losses on buying
After opening the day in red, the benchamarks gained some support from buying in pharma and IT stocks to recover quickly. Midcap index has also recovered 1.5 per cent of its losses.
At 12: 30 pm, BSE Sensex was trading at 17,007.27, down 129.87 points, NSE Nifty was at 5103.85, down 44.65 points.
Up by 2 per cent, BPCL was the top gainer among the largecaps. HCL Tech, Bharti Airtel, Ranbaxy Labs and Mahindra and Mahindra gained over 1 per cent each.
However, Jaiprakash Associates, Jindal Steel, Sterlite Industries, Idea Cellular and Cairn India were down 3 to 5 per cent.
Realty, capital goods, power and banking stocks fell 0.5 to 1.5 per cent and metal stocks dipped 2 per cent.
12: 35 PM
Hit by Euro debt woes Indian mkts open in red
With European debt crisis spreading to Spain now, the global woes caught up with the Indian markets forcing the indices to open the day in the red.
At 9:02 am, NSE Nifty was trading at 5076, down 71 points and BSE Sensex was at 16903, down 232 points. The CNX Midcap fell 138 points to 7804.
Sterlite, Tata Steel, Hindalco, ICICI Bank, Reliance Industries and Jaiprakash Associates were the frontline losers while HUL, ITC and ONGC were trading flat.
Selling pressure were seen in Sugar stocks. Balrampur Chini, Shree Renuka Sugars and Bajaj Hindusthan dipped about 3 to 5 per cent.
The other losers were Ispat, Lloyds Steel, Sesa Goa, Gujarat NRE Coke, JSW Steel, Apollo Tyres, Ashok Leyland, Vijaya Bank and DCB, which slipped 3 to 5 per cent.
9: 35 AM