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Markets continue to trade in the negative territory with heavyweights like ITC, TCS, HDFC and Bajaj Auto weighing on the indices in noon trades. At 1300 hrs, the Sensex was down 34 points at 19,108 and the Nifty was marginally in the red, down six points at 5,782.
The broader markets continues to underpeform with both the mid and smallcap indices losing 0.2-0.3% as compared to the Sensex which was down 0.1%.
Despite the falling rupee in May, Consumer Price Index (CPI)- based inflation came down to 9.31% in May from 9.39% in April, according to the data released by Ministry of Statistics and Programme Implementation(MOSPI) today.
Meanwhile, the index of industrial production (IIP) grew less than expected, at 2% in April from a year earlier, government data showed on Wednesday.
Manufacturing, which constitutes about 76% of industrial production, grew 2.8% from a year earlier.
This makes it even difficult for the Reserve Bank of India, which is set to review its monetary policy on June 17, to cut the policy rates.
In Asia, shares hit fresh 2013 lows and Japanese stocks had another volatile session on Wednesday, extending a broad rout in global equities, as the lack of new steps from the Bank of Japan to quell tumult in the domestic bond market and lingering fears of a softening of U.S. stimulus unnerved investors.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4% to a 6-1/2-month low, extending losses into the sixth straight session, the longest losing streak since March last year.
Japan's Nikkei stock average closed down 0.2% in a volatile session which saw the benchmark tumble as much as 2.4% earlier.
In Europe, CAC, DAX and FTSE gained between 0.02-0.5%.
Back home, among the sectoral indices, Oil & Gas, Realty, Bankex, Health Care, Capital Goods and Power indices were in the green, up 0.07-0.7%. Among the ones in the red, Consumer Durables, Metal, FMCG, Auto, IT, Teck and PSU indices were down 0.06-6%.
The movers among the Sensex-30 were Jindal Steel, ONGC, HDFC Bank, Cipla and Bharti Airtel gaining 1-2%.
ICICI Bank, Gail India, Tata Motors, Reliance Industries, Infosys, SBI, Hindustan Unilever and NTPC which added 0.3-0.8% were the other notable gainers.
Among the ones in the red, Coal India down 3% along with Bajaj Auto, Hero MotoCorp, Tata Steel, TCS, Hindalco, ITC, HDFC and Maruti Suzuki down 1-2.2% were the major draggers.
In individual names, Tata Coffee is locked in lower circuit of 20% at Rs 1,100 on back of heavy volumes on the BSE.
Ipca Laboratories has surged 6.1% to Rs 658, also its all-time high, on back of heavy volumes on the BSE.
The market breadth was negative on the BSE. 1,254 stocks declined while 865 stocks advanced.
