Benchmark indices opened the day marginally higher in trade led by gains in select banking and IT stocks, but soon drifted into the red. The Sensex was trading with losses of 45 points, while the Nifty fell below the 8400 points mark with losses of 25 points.
Wipro, Tata Motors and Hindalco were among the top gainers in trade. Shares in Andhra Bank was trading lower ahead of its results to be declared later today. ICICI Bank on the other hand gained ahead of its results.
Shares in Puravankara Projects was trading higher after reports that the company acquired 31.69 acres in Chennai with developmental potential of 3.3 msf.
Petronet LNG fell as much as 3 per cent after operating profit fell as much as 43 per cent. PSU banking stocks were trading weak ahead of the results from Andhra Bank. Bank of India, Syndicate Bank, Oriental Bank and Punjab National Bank were among the losers.
Midcap stocks also saw deep cuts. Among the major losers were Emami and Crisil. Meanwhile, most of the Asian markets led by the Shanghai Composite were once again up in trade.