The Sensex and the Nifty were trading weak on the back of poor global cues. Most analysts interpreted that the US Fed would cut interest rates in June itself, after the conclusion of a 2-day Fed Policy meet, which was largely seen as negative for the markets.
Leading the set of losses from the Nifty was Coal India which fell a huge 4 per cent ahead of the government's stake sale in the company. The sale is likely to fetch the government around Rs 24,000 crores.
Banking shares came in for some good selling pressure. ICICI Bank was down 2 per cent in trade ahead of its results tomorrow. HDFC Bank was trading higher ahead of its results to be declared later today.
Other stocks that were trading higher were ITC and Reliance. Mid cap stocks also fell in line with the markets with Apollo Hospitals and Infra Tel among the prominent losers. HPCL continued to rally following a sharp drop in crude prices.
Meanwhile, markets across Asia were trading with losses. The Shanghai Composite, the Hong Kong's Hang Sang and the Korean Kospi were lower in trade.