MUMBAI: Indian markets slipped to day's low in line with other peers on concerns of Europe's debt crisis after Greec's credit rating was downgraded to "junk". Banks, metals and realty continued to slip lower while FMCG index was edged higher.
At 1:15 pm; Bombay Stock Exchange's Sens*x was at 17983.86, down 342.23 points or 1.87 per cent. The 30-share index hit a high of 18269.06 and low of 17971.27 in trade so far.
National Stock Exchange's Nifty was at 5382.95, down 103.40 points or 1.88 per cent. The broader index touched intraday low of 5374.25 and high of 5456.70 in trade so far.
"Nifty has re-tested the bearish flag pattern which was broken earlier in the week and is most likely to resume the downtrend in the current week. For the fourth consecutive week the index has seen a negative trend as it makes lower tops and bottoms.
Momentum oscillators on the weekly chart have given a sell signal, whereas the short-term oscillators have rolled bullish. This could lead to a quick dash higher towards 5500-5550 where selling is likely to emerge.
We maintain the broad trading range of 5550-5350 for the week with a negative bias and advocate a sell on rallies strategy," said Edelweiss report.
BSE Midcap Index was down 1.48 per cent and BSE Smallcap Index moved up 1.45 per cent lower.
Amongst sectoral indices, BSE Bankex fell 2.92 per cent, BSE Metal Index moved 2.66 per cent lower, BSE Realty Index slipped 2.65 per cent and BSE Auto Index moved 2.32 per cent lower. BSE FMCG Index was up 0.08 per cent.
Reliance Infrastructure (-3.71%), Tata Motors (-3.34%), ICICI Bank (-3.28%), ONGC (-3.12%) and Tata Steel (-2.91%) were the top Sens*x losers.
ITC (1.59%) was the only gainer.
Market breadth was negative on the BSE with 1880 declines as compared to 690 advances.
Meanwhile, the Euroepan markets open sharply lower. FTSE 100 was down 1.59 per cent, CAC 40 declined 1.55 per cent and DAX fell 1.86 per cent.
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