The markets witnessed a weak opening today tracking global cues. The BSE Sensex is currently at 17,104, down 140 points and the Nifty is at 5,196, down 48 points.
Wall Street's recent sell-off accelerated on Tuesday with the benchmark S&P posting its worst day in four months. The Dow Jones industrial average lost 1.6 per cent to 12,716 and the Standard & Poor's 500 Index dropped 1.7 per cent to 1,359.
Asian shares fell for third straight day on Wednesday as uncertainty over global growth prospects, and resurfacing worries about debt restructuring in the euro zone. Japan's Nikkei average opened down 1.5 per cent, and MSCI's broadest index of Asia Pacific shares outside Japan was down 0.2 per cent.
Back home, the Nifty is likely to find support around 5,225 – 5,215, while resistance is expected around 5,260 – 5,270 levels, analysts suggest.
BSE Metal, Capital Goods and Bankex indices, down 1-2% each, are leading the losses.
Sesa Goa, Sterlite Industries, Jindal Steel & Power, down 2% each, are the prominent losers from the Metals' space.
BEML, Punj Lloyd and Siemens, down 1-3% each, are the major losers from among the Capital Goods' stocks.
Sterlite Industries has shed 2.2% at Rs 102 and is the top loser on the Sensex. Other prominent losers include Jindal Steel, Tata Steel, SBI and ICICI Bank, down 1-2% each.
Cipla and Tata Motors, up 1% each, are the only gainers from the pack. Tata Power is up marginally.
Shares of aviation companies like Jet Airways (India), Kingfisher Airlines and SpiceJet have rallied more than 5% each in opening trades in a hope that the government will allow foreign airlines to pick up stake in the domestic carriers. “The government is likely to take up a proposal Thursday to let foreign airlines buy a 49% stake in local carriers, a move aimed at attracting some much-needed investment for the country's troubled aviation industry,” reports suggest quoting two aviation ministry officials.
The overall market breadth is negative as 706 stocks have declined against 492 advancing ones, on the BSE.