Markets slip again in early trade, Nifty down to testing 10,500-levels

NEW DELHI: Equity markets on Wednesday once again got off to a negative start as Sensex and Nifty were losing 0.20 per cent in early trade, a day after the Street managed to shrug off a five-day losing street.

30-share BSE Sensex opened with a minor 5-point gain but failed to hold on to it and was down more than 50 points at 9.30 am. The broader 50-share NSE Nifty too was in the red, testing the psychological mark of 10,500.

Tuesday's positive finish in the markets after a string of loss-making sessions was hardly encouraging as the indices traded choppy through the day before finishing in the green by only just.

The SBI stock was trading 3 per cent above previous closing on Wednesday despite making a record loss of more than Rs 7,718 crore in the last quarter. The PSU Bank stocks have turned profitable in the last few sessions after Bhushan Steel became the first company to successfully undergo resolution under the Insolvency and Bankruptcy Code. The Nifty PSU Bank sub-index was trading almost 4 per cent in the green.

Apart from SBI, Tata Motors, NTPC and Sun Pharma were among the major gainers early on.

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)