Benchmark indices were trading near the day’s low, down over 1 per cent on Wednesday afternoon.
Market began on a positive note amid mixed global cues. Indices gave up all early gains and were trading lower during the afternoon with across-the-board selling.
At 1 pm, the BSE Sensex was trading at 53,670.30, down 694.55 points or 1.28 per cent. It recorded an intraday high of 54,598.55 and a low of 53,643.19. The Nifty 50 was trading at 16,034.05, down 206.00 points or 1.27 per cent, near the day’s low of 16,026.65. It recorded an intraday high of 16,318.75.
The volatility index jumped 6.51 per cent to 23.76
ONGC, SBI Life, Cipla, HDFC Life and Kotak Bank were the top gainers on the Nifty 50 while Shree Cement, Tata Motors, Tata Steel, L&T and Bajaj Finance were the top laggards.
Investors are awaiting inflation numbers for April in the US.
According to analysts, volatility is likely to continue at both global and domestic levels owing to prevailing uncertainties.
All in red
All sectoral indices were trading in the red.
Nifty PSU Bank and Nifty Metal were down over 2 per cent each. Nifty IT, Nifty Realty, Nifty Auto, Nifty FMCG and Nifty Consumer Durables were down nearly 2 per cent each.
Broader indices
Broader indices were also in the red with smallcaps facing increased pressure.
Nifty Midcap 50 was down 1.69 per cent while Nifty Smallcap 50 was down 4.38 per cent. The S&P BSE Midcap was down 1.75 per cent while the S&P BSE Smallcap was down 3.37 per cent.