After a buoyant start and a subsequent rereat that saw an erosion of a good part of early gains, the market has slipped into negative territory now, with selling gaining some momentum at several front line counters.
Metal, information technology,healthcare and FMCG stocks have turned weak. Power, oil and automobile stocks are trading mixed, coming off their earlier highs. Capital goods and realty stocks too have shed a good portion of their gains. Bank and consumer durables stocks are trading in positive territory, despite paring some gains.
The Sensex, which had spurted to 18,567.70 in early trades, gaining nearly 325 points, is currently at 18,175, down 71 points or 0.4% from its previous close. The Nifty is down 16 points or 0.3% at 5385.45, nearly 120 points off the day's high of 5504.10.
Despite the central bank's announcement that it will buy bonds to eash a liquidity crunch and relaxing bond holding rules for banks, the rupee remains under pressure. The rupee is currently quoting at 63.68 against the dollar, against Tuesday's close of 63.25.
Sterlite Industries is down 3.6%. Infosys, Sun Pharmaceutical Industries, Dr Reddy's Laboratories, NTPC, Bharti Airtel, Hindalco and Reliance Industries are trading lower by 1% - 3%.
Tata Consultancy Services, ITC, Hindustan Unilever and Cipla are also trading notably lower.
Ranbaxy Laboratories has tumbled to Rs 352, losing over 7.5%. Sesa Goa, a big gainer in the previous session, is down as much as 6.5% now. ACC, Ambuja Cements, Cairn India, Jaiprakash Associates, NMDC and HCL Technologies are down 1% - 3.5%.
IndusInd Bank is trading firm with a strong gain of 8.5%. BHEL is up 5.2%. HDFC Bank, HDFC, DLF, Punjab National Bank and Tata Power are up 2% - 3.5%.
Axis Bank, Bajaj Auto, Bank of Baroda, GAIL India, Mahindra & Mahindra, Maruti Suzuki, Hero Motocorp, State Bank of India, Power Grid Corporation, ONGC, Jindal Steel & Power, Larsen & Toubro and Grasim Industries are up in positive territory with sharp to moderate gains.
Shares of Financial Technologies are down nearly 6% at Rs 132.60. The stock tumbed to Rs 126.80 earlier in the day, following the company's subsidiary National Spot Exchange Limited defaulting on payments to its investors. The National Spot Exchange had committed a pay-out of around Rs 175 crore to investors on 20 August 2013, out of a total liability of Rs 5500 crore. According to reports, the company paid just around Rs 92 crore till Tuesday evening. Meanwhile, Multi Commodity Exchange shares are locked in the 5% lower circuit at Rs 282.70.