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Benchmark share indices continue to trade with negative bias, tracking weakness in Asia and Europe, with bank, capital goods and metal shares leading the decline.
the 30-share Sensex was down 132 points at 17,309 and the 50-share Nifty was down 48 points at 5,226.
Japan's Nikkei average fell to a near five-week closing low on Wednesday as soft U.S. manufacturing data and construction spending added to concerns about a global economic slowdown. The Nikkei ended down 1.1% while the Hang Seng dropped 1.5% and the Shanghai Composite was marginally down by 0.3%.
European shares which opened good in early trades, witnessed profit taking at higher levels. The CAC-40, DAX and FTSE-100 were down 0.3-0.7% each.
Among the sectoral indices on the BSE, Metal index was the top loser down 2.5% followed by Capital Goods, Bankex, Power, Oil and Gas. FMCG was the sole index trading with marginal gains.
Jindal Steel, Tata Steel, SAIL, Sterlite, Hindalco were down 1-3.8% each.
Capital goods shares were down on concerns over delay in execution of major power projects.
BHEL slipped 4.4% after JP Morgan has downgraded Bharat Heavy Electricals to “underweight” from “neutral” and lowered its target price to Rs 185 from Rs 200, citing prospect of capacity under utilization and pricing pressure on new orders. Larsen & Toubro slipped 2.5%.
Bank shares witnessed profit taking at higher levels after recent gains on concerns of rising non-performing assets in the wake of sluggish economy and government's reduced fiscal flexibility.
ICICI Bank was down 3.4% while State Bank of India was trading lower by 2%. Among other banks, Bank of India and Bank of Baroda were down over 2.5% each.
Axis Bank slumped nearly 5% after Morgan Stanley today downgraded the bank to "underweight" from "equal weight", as it expects the impaired loan formation of Axis Bank to rise to 4 percent of total loans in FY14.
Among the index heavyweights Reliance Industries was down 1.4% while Infosys slipped 0.5%.
the 30-share Sensex was down 132 points at 17,309 and the 50-share Nifty was down 48 points at 5,226.
Japan's Nikkei average fell to a near five-week closing low on Wednesday as soft U.S. manufacturing data and construction spending added to concerns about a global economic slowdown. The Nikkei ended down 1.1% while the Hang Seng dropped 1.5% and the Shanghai Composite was marginally down by 0.3%.
European shares which opened good in early trades, witnessed profit taking at higher levels. The CAC-40, DAX and FTSE-100 were down 0.3-0.7% each.
Among the sectoral indices on the BSE, Metal index was the top loser down 2.5% followed by Capital Goods, Bankex, Power, Oil and Gas. FMCG was the sole index trading with marginal gains.
Jindal Steel, Tata Steel, SAIL, Sterlite, Hindalco were down 1-3.8% each.
Capital goods shares were down on concerns over delay in execution of major power projects.
BHEL slipped 4.4% after JP Morgan has downgraded Bharat Heavy Electricals to “underweight” from “neutral” and lowered its target price to Rs 185 from Rs 200, citing prospect of capacity under utilization and pricing pressure on new orders. Larsen & Toubro slipped 2.5%.
Bank shares witnessed profit taking at higher levels after recent gains on concerns of rising non-performing assets in the wake of sluggish economy and government's reduced fiscal flexibility.
ICICI Bank was down 3.4% while State Bank of India was trading lower by 2%. Among other banks, Bank of India and Bank of Baroda were down over 2.5% each.
Axis Bank slumped nearly 5% after Morgan Stanley today downgraded the bank to "underweight" from "equal weight", as it expects the impaired loan formation of Axis Bank to rise to 4 percent of total loans in FY14.
Among the index heavyweights Reliance Industries was down 1.4% while Infosys slipped 0.5%.
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