Indian stock indices have lost some more ground in the mid-afternoon trade despite credit rating agency Moody's upgrading India's local currency rating, as disappointing results from Maruti and Jaiprakash Associates weigh on the sentiment.
The NSE Nifty is well below the 5450 mark and the BSE Sensex is down almost 100 points. Earlier, the Indian stock indices had opened higher in the wake of the positive outcome of the European stress tests on banks, but the early gains evaporated soon and the market turned lower. Since then, the market has not recovered even as most of Asian markets closed up.
Elsewhere in the world, markets in Europe opened with slight gains but soon slipped into red amid doubts about the credibility of the bank stress tests. US stock futures too were pointing to a marginally negative start on Wall Street.
At 2:58 pm (IST), the BSE Sensex was trading at 18,017, down 122 points or 0.6% over the last close. It had earlier been as high as 18, 194 and a low of 17, 993.
The NSE Nifty on the other hand was quoting 5,413, down 35 points or 0.6% after touching a high of 5,466 and a low of 5,409.
The BSE Small-Cap index and the BSE Mid-Cap index were virtually flat.
IT, Consumer Durables are among the top gainers. Auto, Realty and Bank stocks are the laggards.
Bharti Airtel, Infosys and Cairn India are leading in the Sensex and Nifty.
Maruti Suzuki, Hero Honda, Jaiprakash Associate, SBI, DLF, Tata Motors, Hindalco Inds, Tata Steel, and L&T are the notable losers in the Sensex and Nifty.