Key benchmark indices hit fresh intraday low in morning trade. At 10:17 IST, the barometer index, the S&P BSE Sensex, was down 140.26 points or 0.46% at 30,430.71. The Nifty 50 index was down 44.50 points or 0.47% at 9,393.75. Broader market witnessed major selling pressure.
The Sensex fell 182.48 points, or 0.60% at the day's low of 30,388.49 in early trade, its lowest level since 19 May 2017. The index rose 39.67 points, or 0.13% at the day's high of 30,610.64 at the onset of trading session. The Nifty fell 64.05 points, or 0.68% at the day's low of 9,374.20 in early trade, its lowest level since 19 May 2017. The index rose 9.80 points, or 0.10% at the day's high of 9,448.05 at the onset of trading session.
Among secondary barometers, the BSE Mid-Cap index was down 2.17%. The BSE Small-Cap index was down 2.55%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
The broad market depicted weakness. There were almost eight losers against every gainer on BSE. 1,958 shares fell and 245 shares rose. A total of 53 shares were unchanged.
Most metal shares edged lower. Bhushan Steel (down 11.42%), Hindustan Copper (down 2.57%), NMDC (down 2.17%), Jindal Steel & Power (down 1.93%), Steel Authority of India (down 1.91%), Hindustan Zinc (down 1.5%), JSW Steel (down 1.46%), National Aluminium Company (down 1.34%), Hindalco Industries (down 0.82%), Tata Steel (down 0.62%) and Vedanta (down 0.44%), edged lower.
Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for July 2017 delivery was currently down 0.40% at $2.585 per pound on the COMEX.
Telecom shares declined. Reliance Communications (down 6.88%), MTNL (down 4.3%), Tata Teleservices (Maharashtra) (down 1.3%), Idea Cellular (down 1.03%) and Bharti Airtel (down 0.08%), edged lower.
Telecom tower infrastructure provider Bharti Infratel was down 0.75% at Rs 383.60.
Dwarikesh Sugar Industries gained 1.02% after the company said that board meeting is scheduled on 2 June 2017, to consider stock split. The announcement was made after market hours yesterday, 22 May 2017.
Overseas, Asian shares were mixed after police said they were treating an explosion in Manchester, England, that killed at least 19 people as a terror attack.
The explosion struck an Ariana Grande concert in northern England late yesterday, 22 May 2017, killing at least 19 people and injuring dozens. Britain's terrorist threat level has been set at "severe" in recent years, indicating an attack is highly likely. Police said the explosion is being judged a terrorist attack unless new information proves otherwise.
In US, shares rose for the third straight day with technology companies closing in on all-time highs. Aerospace and defense companies rose after President Donald Trump presided over a $110 billion sale of military equipment to Saudi Arabia that could expand to $350 billion over 10 years. The Standard & Poor's 500 index jumped 0.5% to 2,394.02. The Dow Jones industrial average rose 0.4% to 20,894.83 and the Nasdaq composite gained 0.8% to 6,133.62.
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