The markets continued to witness selling pressure in late noon trades with the BSE Sensex down 16,556, down 93 points and the Nifty at 5,018, down 32 points.
BSE IT, bankex, Consumer Durables and Bankex indices continued to lead the losses, down 1% each.
BSE Capital Goods and Realty indices have gained marginally.
In the broader markets, the BSE Mid-cap index is down 0.3% at 5,957 and the small-cap index is marginally higher at 6,316.
Infosys, ONGC, ICICI Bank, Bajaj Auto, Maruti Suzuki, Cipla, Jindal Steel and SBI down 1-2% remained the prominent losers on the Sensex. Meanwhile, the gainers were Sterlite, Hindustan Unilever, Gail India, L&T and Bharti Airtel up 0.5-2%
The overall market breadth remained negative as 1,277 stocks declined against 1,108 advancing ones, on the BSE.
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(Updated at 1141 hours)
Markets pared gains in the late morning trades after the BSE benchmark index touched a high of 16,626 in the morning deals. The fall was mainly due to the selling in IT, Auto and Consumer Durable counters.
The Sensex was down 96 points at 16,553 and the Nifty was down 33 points at 5,016.
In the broader markets, the smallcap index gained nearly 0.3% outperforming the midcap index and the Sensex down 0.1% and 0.4% respectively.
Asian markets were all in the red. Japan's Nikkei share average fell over 2%, edging close to its worst weekly run in 37 years as lurking fears on the eurozone, disappointment with the U.S. Federal and caution on China's economy weighed on sentiment. Hang Seng, Straits Times, Kospi Composite and Taiwan Weighted lost between 0.5-1%.
Back home, on the sectoral front, BSE IT, Auto, Oil & Gas, Consumer Durable and Healthcare indices have slipped between 0.5-1% on account of profit booking after seeing a sharp rally. Meanwhile, sectors like Realty and Capital Goods gained 0.6-0.8%. Metal and Power indices remained flat with a positive bias.
The draggers among the Sensex stocks were Infosys, ONGC, ICICI Bank, Bajaj Auto, Maruti Suzuki, Cipla, Jindal Steel and SBI down 1-2%
Index heavyweight, Reliance Industries was flat with a negative bias.
Meanwhile, the gainers were Sterlite, Hindustan Unilever, Gail India, L&T and Bharti Airtel up 0.5-2%
Among individual shares, Bharati Shipyard surged 12% to Rs 70.75 on back over three-fold jump in trading volumes. As many as a combined 330,384 shares have changed hands on the counter till early noon deals, against an average around 85,000 shares that were traded daily in past two weeks.
The market breadth turned negative.1,150 stocks declined while 1017 stocks advanced.
