Markets witness subdued trades
The markets began the trading session on a subdued note, on the back of weak global cues. The BSE Sensex is at 17,516, down 81 points and the Nifty is at 5,328, down 30 points.
Global stocks fell and oil eased on Tuesday on increased concerns about Spain's financial struggles. The Dow Jones industrial average and the S&P 500 index shed 0.4% each.
Asian shares eased on Wednesday after the minutes from the US Federal Reserve's March meeting suggested the bank was less likely to take further stimulus measures. MSCI's broadest index of Asia Pacific shares outside Japan fell 0.4%, while Japan's Nikkei average opened nearly flat.
Back home, the Nifty is likely to face resistance around 5,370-5,380, while it can seek support around 5,345-5,335, analysts say.
On the sectoral front, BSE Capital Goods, Metal, Bankex and Realty indices, down 1% each, are leading the losses.
Thermax, Bharat Electronics, Punj Lloyd and Larsen & Toubro, down 1-3% each, are the notable losers from among the Capital Goods stocks.
Steel Authority of India, Coal India and Sesa Goa, down 1-2% each, are the prominent losers from the Metals' space.
Gail (India) and Coal India, down 2% each, are among the top losers on the Sensex. Coal India is trading at Rs 335 after the Government directed the state-owned coal manufacturer to sign 20-year fuel supply agreements (FSAs) with power producers assuring them of at least 80% of the committed coal delivery within a week.
Other prominent losers include SBI, Bajaj Auto and Hindalco Industries, down 1% each. The gainers from the pack are Tata Power, NTPC and Maruti Suzuki, up 1-2% each. ONGC is tradimg marginally higher at Rs 273.
Among individual stocks, Unity Infraprojects has rallied 8% to Rs 54 in opening trades on bagging orders worth Rs 840 crore from the Public Works Department, Rajasthan and National Highways Authority of India (NHAI). Currently, the order book of the company stands at Rs 4,772 crore.
The overall market breadth is negative as 519 stocks have declined against 485 advancing ones, on the BSE.