Market continued to tumble mainly due to sell-off in index heavyweights Reliance and Bharti.
Shares of other blue-chips such as SBI, L&T, ICICI Bank and ONGC too were down. However, the upmove in BHEL, Infosys and TCS capped the downside.
The BSE benchmark Sensex was down 105.5 points at 15,743.30 while the NSE Nifty slipped 31 points to 4,716.15.
Ajay Srivastava, chief executive officer, Dimensions Consulting has a short position on the market as of now. Speaking to CNBC-TV18, Srivastava said that the market setup seems to be weak; it may not be able to sustain rallies.
He believes that the European debt crisis is going to emanate into a situation where we will not be able to access enough debt and capital to fund our growth, which means that our growth projection trajectory numbers are not that good.
Index heavyweights and oil & gas majors Reliance Industries and ONGC lost 1.2% each. Even banking majors ICICI Bank and SBI fell 1-1.7% while HDFC Bank was down 0.25%.
Shares of country's largest telecom player Bharti Airtel topped the selling list, losing nearly 3%. Among others, HDFC, Tata Motors and L&T were down 1-2%.
In the metal space, Tata Steel, Coal India, Hindalco, JSPL and Sterlite Industries plummeted 1-1.7%.
However, shares of BHEL topped the buying list, rising nearly 2%. Tata Power and Maruti Suzuki moved up 1% each. Technology majors Infosys and TCS were marginally higher.
