The key domestic benchmark indices trimmed some of their losses during the late noon trading session on the back of buying activities in banking stocks and a bounce back in select heavyweights such as Tata Steel and Tata Motors.
At 14:18 hours, the 30-share barometer, SENSEX was at 27893.89 down by 173.42 points or by 0.62 per cent, while the NSE Nifty was at 8478.75 down by 39.8 points or by 0.47 per cent.
The sentiments of the investors remained dampened after India's merchandise exports contracted for the eighth month running in July, registering a 10.3 per cent drop over last year. The trade deficit widened to USD 12.8 billion in July from USD 10.8 billion in June. Further, depreciation in Indian rupee too weighed down sentiments.
In the choppy trade so-far, Sensex touched an intraday high of 28095.97 and an intraday low of 27739.13, while the NSE Nifty touched intraday high of 8530.6 and intraday low of 8428.05.
Major laggards on the D-street included Cipla Ltd. (Rs. 709.15,-4.23%), Oil And Natural Gas Corporation Ltd. (Rs. 263.95,-2.44%), Dr. Reddy's Laboratories Ltd. (Rs. 4165.00,-2.19%), Hindalco Industries Ltd. (Rs. 91.40,-2.04%), Hero MotoCorp Ltd. (Rs. 2660.05,-1.99%), among others.
On the flip side, some buying was witnessed in State Bank of India (Rs. 280.10,+4.34%), Tata Steel Ltd. (Rs. 245.70,+3.63%), GAIL (India) Ltd. (Rs. 345.00,+2.03%), Sun Pharmaceutical Industries Ltd. (Rs. 911.80,+1.44%), Tata Motors Ltd. (Rs. 357.55,+0.62%), among others.
Among the sectors, In BSE, BSE_CDS index was at 11405.79 up by 141.35 points or by 1.25%. PC Jeweller Ltd. (Rs. 400.80,+13.14%), TTK Prestige Ltd. (Rs. 3924.10,+4.17%), Symphony Ltd. (Rs. 1980.00,+2.51%), Bajaj Electricals Ltd. (Rs. 265.20,+2.18%), Titan Company Ltd. (Rs. 337.50,+1.09%),.
On the flip side, In BSE, BSE_CGS index was at 17775.09 down by -179.92 points or by -1%. Suzlon Energy Ltd. (Rs. 23.80,-3.05%), BEML Ltd. (Rs. 1340.00,-2.36%), Alstom T&D India Ltd. (Rs. 514.00,-1.71%), IL&FS Transportation Networks Ltd. (Rs. 117.75,-1.67%), Larsen & Toubro Ltd. (Rs. 1774.50,-1.40%),.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2797, shares advanced were 1323 while 1361 shares declined and 113 were unchanged.
On the global front, Asian peers ended the day on a mixed note, while positive cues from European counters helped domestic markets to trim some of their losses. CAC, DAX and FTSE all were trading with a gain of over half a per cent.