the benchmark Nifty erased gains and touched the 6000 level in afternoon trade, led by sell-off in metal, telecom, Anil Dhirubhai Ambani Group, select power and financial companies' shares. Reliance Industries, L&T and ITC were also under pressure.
Downtrend in European markets and US index futures also weighed on markets; CAC and DAX fell over 1%. Dow Jones futures slipped 0.5%. Even China's Shanghai lost 1.9% in late trade.
However, buying in technology, healthcare and cement companies' shares along with ONGC, ICICI Bank, BHEL, Hero Honda and Bajaj Auto was supporting the markets and was trying to hold the Nifty around 6,000 level.
The 30-share BSE Sensex was trading at 20,046, down 27 points and the 50-share NSE Nifty fell 10.65 points at 6,001. The broader indices too wiped out their gains and turned flat.
Among largecaps, Reliance Communications was trading at Rs 136.70, down 3.66%; Sterlite Industries was at Rs 180.35, down 2.41%; Reliance Infrastructure was at Rs 797, down 2.18%; Bharti Airtel was at Rs 341.20, down 2.09%; Tata Steel was at Rs 663, down 1.54%; SAIL was at Rs 177.75, down 3.81% and Reliance Power was at Rs 152.30, down 2.06%.
However, Dr Reddy's Labs, Sun Pharma, Ambuja Cements, Tata Power, Cipla, Wipro, BHEL and Hero Honda were down 0.5-1%.
New Listing - Ravi Kumar Distilleries was trading at Rs 85.10, up 32.97% over issue price of Rs 64 a share.
In midcap space, BF Utilities surged 11%. ARSS Infra, Gammon Infra, Praj Industries and Essar Shipping gained 5-6.6% while Money Matters, India Infoline, Patel Engg, Shriram City and Berger Paints fell 3-5%.
In smallcap space, Venkys, Shriram EPC, Transport Corp, Gokul Refoils and Kanani Industries went up 10-14% while Midfield Industries, EIH Associated Hotel, SVC Resources, Sujana Towers and lost 5% each.
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