Weaker than expected factory output data and retail inflation that hit a four-month high of 5 percent pushed benchmark indices lower. Global cues were weak after US indices fell as much as 1 per cent, after a slide in oil prices.
The Sensex was trading lower by 220 points at 25,646 points, while the Nifty was down 65 points in trade. Banking stocks fell on higher than expected inflation data for the month of Oct. BPCL, Tata Motors and Sun Pharma were the only gainers from the Nifty stocks. Check Sensex gainers and losers
Yes Bank, IndusInd Bank and Kotak Bank were among the early losers. Eros International crashed 10 per cent after fresh allegations on the company overstating films distributed surfaced.
SpiceJet fell as much as 5 per cent despite reporting a decent set of profits. Midcap stocks were also down in line with the Sensex stocks. Wockhardt, Voltas and Unitech were the big losers in trade.
Tata Steel was down 1 per cent despite reports that the company has received nod expansion as well as setting up of two units at its Joda plant in Orissa.
Meanwhile, markets across Asia were trading with losses, with the Shanghai Composite, the Hang Sang and the Singapore Strait Times all lower.