By IANS,
Mumbai : A benchmark index of the Indian equities markets was trading 85 points lower around noon Wednesday, with selling pressure on banking and financial stocks acting as a drag on the key index. Other major Asian markets were also in a slump, adding to the negative sentiments.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,368.03 points and was ruling at 17,341 points around noon, down 81.51 points or 0.47 percent from its previous close at 17,422.51 points.
ICICI Bank, HDFC Bank, SBI and HDFC were among the frontline stocks that were facing selling pressure.
Around the same time, at the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 5,184.45 points, against the previous close at 5,210.4 points, a loss of 0.5 percent.
Broader market indices were also weak, with the BSE midcap index down 0.46 percent and the BSE small cap index ruling 0.03 percent lower.
The market breadth was negative, with as many as 1,193 stocks advancing, compared to 1,543 on the decline, and 68 remaining unchanged.
Among the top gainers at this time were TCS, up 3.24 percent at Rs.773.40; Wipro, up 1.86 percent at Rs.707.50; Infosys, up 1.31 percent at Rs.2,621.35, and ACC, up 1.31 percent at Rs.910.70.
Infosys and TCS in fact had hit an all-time high earlier during the day.
Some other Sensex losers included Mahindra and Mahindra, down 3.05 percent at Rs.1,153; DLF, down 1.9 percent at Rs.376.65, and Sterlite, down 1.84 percent at Rs.859.55.
Selling pressure had engulfed other Asian markets as well, with the benchmark Japanese index, Nikkei, ending 1.32 percent lower at 10,735.03 points, while the Hang Seng of the Hong Kong Stock Exchange was ruling 2.24 percent lower at 21,825.46 points.
The Chinese Shanghai composite index was 2.99 percent lower at 3,176.01 points and the Korean Kospi was trading at 1,671.41, down 1.6 percent.