Equity indices slumped to fresh intraday low mid-afternoon trade. The Nifty slipped below the crucial 14,800 mark. Investors remained cautious ahead of U. S. Federal Reserve s two-day policy meeting which will conclude later in the day. High crude oil prices and rising US bond yields also dented investors sentiment.
At 14:26 IST, the barometer index, the S&P BSE Sensex, fell 343 points or 0.68% at 50,020.02.
The Nifty 50 index lost 120 points or 0.81% at 14,790.75.
The broader market tumbled. The S&P BSE Mid-Cap index declined 2% while the S&P BSE Small-Cap index declined 1.66%.
The market breadth was tilted towards the sellers. On the BSE, 837 shares rose and 2,047 shares fell. A total of 171 shares were unchanged.
Indices traded sideways with decent gains in morning trade. The Nifty hovered above the crucial 15,000 mark. Metal and PSU bank stocks saw selling pressure while IT stocks advanced. Shares rose on bargain hunting after yesterday s steep correction.
At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 295 points or 0.59% at 50,690.92. The Nifty 50 index gained 75.35 points or 0.5% at 15,004.
In broader market, the S&P BSE Mid-Cap index was up 0.4% while the S&P BSE Small-Cap index was gained 0.52%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1476 shares rose and 1008 shares fell. A total of 138 shares were unchanged.
Read more about Information Technology stocks edge higher on Business Standard. Information Technology stocks were trading in green, with the S&P BSE IT Sector index increasing 205.97 points or 0.78% at 26576.4 at 09:48 IST.
Capital Goods stocks were trading in the negative zone, with the S&P BSE Capital Goods index falling 124.13 points or 0.56% at 21899.92 at 13:48 IST. Among the components of the S&P BSE Capital Goods index, GMR Infrastructure Ltd (down 1.67%), Havells India Ltd (down 1.54%),Kalpataru Power Transmission Ltd (down 1.48%),Larsen & Toubro Ltd (down 1.38%),Thermax Ltd (down 1.38%), were the top losers. Among the other losers were ABB India Ltd (down 1.18%), Carborundum Universal Ltd (down 1.15%), AIA Engineering Ltd (down 0.46%), Bharat Electronics Ltd (down 0.33%), and Bharat Heavy Electricals Ltd (down 0.18%). On the other hand, Hindustan Aeronautics Ltd (up 3.76%), Lakshmi Machine Works Ltd (up 2.49%), and Grindwell Norton Ltd (up 1.64%) moved up.