The markets reflected certain amount of weakness in the opening trades following disappointing global cues. The BSE Sensex is at 16,351, down 95 points and the Nifty is at 4,917, down 29 points.
Furthermore, the bourses could remain volatile, ahead of the September expiry, as investors roll-over their positions from the September series to the October series. The Singapore Nifty futures are at 4,921, down 20 points.
Overnight, in the US markets, stocks closed down, ending a three-day winning streak for all three indexes as stiff declines in energy and metals prices underscored investor concerns about global economic weakness and Europe's raging debt crisis. Investors were on a knife edge as inspectors from the EU and IMF headed to Greece to scrutinize austerity plans while German Chancellor Angela Merkel worked to defuse a revolt within her government ahead of a vote to expand Europe's bailout fund on Thursday. The Dow Jones industrial average closed down 1.6% at 11,011, though the index bounced around throughout the day. The S&P 500 closed down 2.1% at 1,151, while the Nasdaq Composite closed down 2.2% at 2,492.
In Asia, the markets have been trading weak in the morning with the Shanghai Composite and Nikkei indices having shed nearly 1% each.
Back home, on Wednesday, after having spent most of the day in the negative, stocks declined and ended marginally lower as weakness in the global markets rubbed off on the bourses. The BSE Sensex ended at 16,446, down 78 points and the S&P CNX Nifty ended at 4,946, down 25 points.
Among the sectoral indices, BSE Consumer Durables, Metal and Auto indices are leading the losses, having shed 1-2% each.
Gitanjali Gems, VIP Industries, Videocon Industries and Whirlpool of India, down 2% each, are the prominent losers among the Consumer Durables' space.
Hindalco Industries, Sterlite Industries, Hindustan Zinc and JSW Steel, down 2% each, are the prominent losers from the Metals' space.
On the Sensex, HDFC has moved up 1% at Rs 643. Other prominent gainers include JP Associates, Hindustan Unilever, ITC and Infosys. The losers from the pack include Hindalco Industries, Sterlite Industries, Hero MotoCorp, Larsen & Toubro and SBI, down nearly 2% each.
The overall market breadth is negative as 901 stocks have declined against 527 advancing ones, on the BSE.