Benchmark indices opened the day lower, as Bank of Japan held policy rates steady, which sparked a sell-off in Asian markets. Most analysts had expected further easing from the central bank of Japan.
The Sensex was trading with losses of 131 points, while the Nifty fell 41 points in trade. Leading the set of losers were banking stocks, which fell sharply. Axis Bank, ICICI Bank and State Bank of India were among the big losers in trade.
Shares in Bharti Airtel were marginally lower despite a leading brokerage upgrading the stock to a buy. Shares in Sequent fell after the Maharashtra Food and Drug Administration ordered suspension of the manufacturing licence of the Mahad unit of Sequent Scientific.
Shares in Aegis Logistics fell after reports that the The Maharashtra Food and Drug Administration has ordered suspension of the manufacturing licence of the Mahad unit of Sequent Scientific.
Top Nifty losers in trade were Infratel, Ultratech Cement, Larsen and Toubro and Bank of Baroda. Among the few gainers in trade were Mahindra and Mahindra and Lupin.
Meanwhile, markets across Asia were trading with huge losses. The rupee was last trading at 67.25 to the US Dollar.