The Sensex was trading lower by 138 points, while the Nifty dropped 42 points in early trade. Almost all of the Nifty stocks apart from the IT sector were trading in the red.
IndusInd Bank, ONGC, BPCL, Axis Bank, Punjab National Bank and ICICI Bnak saw deep cuts in trade today. HCL Tech which reported a decent set of numbers was trading marginally up, while TCS and Infosys were the other gainers from the Nifty.
Bharti Airtel which also reported better then expected results was also trading lower in line with weak market sentiments.
FMCG stocks which had dropped significantly in the last few trading sessions continued to grind lower with notable losers being Hindustan Unilever and ITC.
Wockhardt which was trading at the lower end of the circuit filter on Tuesday, dropped another 2 per cent in trade today.
Gitanjali Gems saw only sellers in trade today at the 5% lower limit band.
PSU banking stocks were the worst hit in trade today with Canara Bank and Oriental Bank dropping 3 per cent, while Union Bank and Andhra Bank dropped 2 per cent each.
Meanwhile, markets in Asia were trading weak ahead of the end of the Federal Reserve 2-day meeting. The Singapore's Strait Times, Korean Kospi and the Japanese Nikkei were all weak in trade.