However, markets recovered towards the close, to settle near the day's high, led by fresh buying in select index heavyweights. Realty stocks, led by DLF, were the major benefeciraies in the pull back.
The Sensex on Wednesday opened down 122 points at 14,953. Weak cues from Asian and US markets dragged the index to a low of 14,701 -- down 374 points. However, fresh buying in realty stocks buoyed the index to a high of 15,044.
The Sensex finally ended at 15,020 - down 54 points.
The Nifty ended down 14 points at 4,458. Earlier in the day, the index tumbled 112 points to a low of 4,359 but managed to recover and touch a high of 4,474.
The BSE realty index rebounded from a low of 3,565 in the morning to end at 3,773 - up 2%.
The market breadth was fairly negative - out of 2,681 stocks traded 1,367 declined while 1,215 advanced.
INDEX MOVERS...
Bharti Airtel rallied 6% to Rs 405. Tata Motors surged 4.5% to Rs 447. DLF gained 3% at Rs 373.
Jaiprakash Associates and Sun Pharma added 2.7% each to Rs 214 and Rs 1,239. HDFC Bank, Hero Honda, Reliance communications, ACC and ITC also moved up marginally.
...AND SHAKERS
Tata Steel and TCS shed 4% each at Rs 444 and Rs 519, respectively. Hindustan Unilever slipped 2.3% to Rs 257.
Infosys, Hindalco, ONGC, Sterlite, SBI, Larsen & Toubro, Tata Power and Reliance Infrastructure dropped 1% each.
Image: Bombay Stock Exchange