Equity benchmark indices were trading at day's low in the afternoon trade led by Reliance
, ICICI Bank
. The Nifty traded below 10,750, down 129 points and the Sensex was down 414 points at 36,168.
The BSE Mid-Cap index was down 1.21% and the BSE Small-Cap index was down 1.38%. The market breadth was tilted in favour of sellers. On the NSE, 361 shares rose and 1,377 shares fell and 377 shares were unchanged.
The Nifty IT index witnessed selling pressure, down 179 points. Tata Elxsi, Tech Mahindra, TCS, Infosys, Wipro and HCL Tech fell 1-2% respectively.
From the metal front, the index slipped over 2.5%. Jindal Steel
cracked 6%, followed by SAIL
, Tata Steel and Vedanta
, HDFC, ICICI Bank and Vodafone Idea were the next four most active stocks.
Meanwhile, European stocks edged higher led by a rise in banks, after the US Federal Reserve cut interest rates but set a higher bar for further reductions. The pan-European STOXX 600 index rose 0.2% with lender-heavy Milan and Madrid outperforming.