Realty and metal stocks have dragged the market down in afternoon trades. The Sensex is now trading at 18,045 - down 120 points.
Markets were trading on a narrow range as global peers too remained subdued. The Sensex touched a high of 18,204 in mid-morning trades. The Nifty touched a high of 5,465.
The Sensex, thereafter, dropped to the day's low of 17,997 - down 130 points from the previous close. Nifty broke the crucial support of 5,420 and is now down 38 points at 5,415.
Analysts feel Nifty has a probability of going down further if its breaks the next support level of 5,400.
Asian markets dropped as Japan reported a lower-than-expected GDP growth. Nikkei is down 0.6% at 9,197.
Among other news, India's wholesale price index rose 9.97% from a year earlier, below the median forecast for a 10.39% rise and compared with June's pace of 10.55%.
BSE realty index has shed 1.7% at 3,609. Metal and healthcare indices are down over 1% each.
BSE mid and small-cap indices have slipped 0.3% each to 7618 and 9,676, respectively.
Reliance Communications has slumped 4.2% to Rs 161 on weak Q1 numbers. However, Bharti Airtel is trading flat at Rs 316.
Cipla and Reliance Infrastructure have shed nearly 4% each at Rs 303 and Rs 1,047, respectively.
Hindalco is the biggest loser among Sensex metal stocks. Stock is down 2.2% at Rs 162. Tata Steel has declined 2% to Rs 517. Metal stock - Sesa Goa has tumbled 8% to Rs 27.30 after the board approved 20% aquisition in Cairn India.
Jaiprakash Associates, Tata Motors, Mahindra & Mahindra and HDFC have declined 1-2% each. SBI, ICICI Bank and Tata Power are the other major losers.
However, Hindustan Unilever has gained 1% at Rs 269. Sterlite and Maruti are up marginally in trades as well.
BSE market breadth is negative. Out of 3,025 stocks traded, 1,699 have declined while 1,225 have advanced.
