Indian markets slipped into the red in the afternoon session, tracking weakness in global stocks. The Sensex declined 31 points or 0.18% to 17,099 while the Nifty index slipped below the 5,200 mark, down 9 points.
European markets traded sharply lower on account of S&P's downgrade of Spain's credit rating. The ratings agency had downgraded Spain sovereign rating to three notches above junk status, which will increase the cost of funds for the debt ridden country.
Spain's IBEX 35 index was down 2%. Markets in France (-1.4%) and Britain (-0.6%) also declined sharply.
High beta realty index (-1.7%) led the losses on the BSE. Most other sectoral indices traded lower. Banking and IT stocks witnessed some buying interest.
On the Nifty index, 29 of the 50 stocks traded lower. Infra lender IDFC (-3%) was the top loser, followed by realty major DLF (-2.9%). Drug maker Ranbaxy (-2.3%) and public lender SBI (-1.8%) also traded with deep cuts.
Engineering goods manufacturer Siemens India (2.1%) was the top Nifty gainer. The company will announce its March quarter numbers today. Private lenders - Axis Bank (1.7%) and ICICI Bank (1.5%) also traded higher ahead of reporting Q4 numbers.
Asian Paints (1.1%), which started trading on the Nifty index today, reversed early losses and traded higher.
The market breadth turned weak, with only 46% stocks rising on the broader BSE 500 index.
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