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Markets extended losses in early trades on Thursday, amid weak global cues, weighed down by selling pressure in financials and capital goods shares.
At 9:36AM, the 30-share Sensex was down 164 points at 18,637 and the 50-share Nifty was down 57 points at 5,616.
According to market experts, the Nifty is likely to seek support around 5,635-5,615, while face resistance around 5,710-5,730.
Asian stocks eased on Thursday amid the developments in an industrial zone between North Korea and South Korea while weakness in US markets also dampened sentiment. Japanese shares were trading weak as investors turned cautious ahead of the outcome of the Bank of Japan's two-day policy meeting.
Nikkei and the Kospi were the top losers in Asia, down over 1.5-1.7% each. Among other indices, Hang Seng, Shanghai Composite and Straits Times were down 0.1-0.3% each.
Realty Index was the top loser among sectoral indices on the BSE down 1.7% followed by Bankex, Consumer Durables, Capital Goods, IT, Metal, Oil and Gas indices down 1-1.4% each.
Among the Sensex losers, ICICI Bank, HDFC Bank, HDFC and SBI were down 1-2% each. In the capital goods space, BHEL was down 1.8% and L&T slipped 1.3%. Index heavyweights Infosys, ITC and Reliance were down nearly 1% each.
Among other shares, Maharashtra Seamless has opened higher by 3.5% to Rs 211 on BSE, in otherwise weak market, after the company said its board will consider share buyback proposal. “The board of directors of the company will meet on April 08, 2013 to consider a proposal for buy-back of equity shares of the company,” Maharashtra Seamless said in a BSE filing.
In the broader market, the BSE Mid-cap and Small-cap indices were down nearly 1% each.
The market breadth was weak with 825 losers and 390 gainers on the Bombay Stock Exchange.
