Market Update: PSU banks down 2%; RIL, ICICI Bank, L&T, IOC negative contributors to Nifty

The market is off its day's low amid rupee recovery and fall in crude oil prices. After digesting election results, investors closely watch movement of political parties for forming the government in Karnataka.

The Sensex was down 125.31 points at 35418.63, and the Nifty was down 45 points at 10756.90.

S&P BSE Midcap was down 0.16 percent dragged by Rel Comm, HUDCO, Vakrangee, Bank of India and Petronet LMNG.

Metal stocks were also trading lower, drag by Coal India, Hind Zinc, Vedanta, Tata Steel and Hindalco.

Top gainers on the Nifty includes, HUL, Lupin, Wipro, Yes Bank and Tata Motors, while losers are Cipla, UltraTech Cement, ICICI Bank, Hero Motocorp and HPCL.

HDFC Bank, Reliance Industries, HDFC, ITC and Infosys are the negative contributors to the Sensex.

Shares of Reliance Communications slipped nearly 18 percent intraday Wednesday as NCLT admitted an insolvency petition filed by Ericsson against the company.

The National Company Law Tribunal (NCLT) has admitted an insolvency petition filed by Swedish communications equipment major Ericsson against Anil Ambani-run Reliance Communications and two of its subsidiaries seeking to recover Rs 1,150 crore.

247 stocks hit new 52-week low including names like Allahabad Bank, Amtek Auto, Balrampur Chini Mills and Ceat.

The market breadth was in favour of the declines with 582 stocks advancing while 1096 declined and 367 remained unchanged on the NSE. On the other hand, in the BSE, 861 stocks advanced and 1556 declined and 114 remained unchanged.