The Indian stock market traded in the red on Wednesday morning tracking weakness in global markets.
The BSE Sensex lost over 400 points, while the Nifty50 on the National Stock Exchange was trading below the 15,650-mark.
The across-the-board selling was led by banking, finance and IT stocks.
Around 10.24 a.m., Sensex was trading at 52,160.50, lower by 418.26 points or 0.80 per cent from its previous close 52,578.76 points.
It opened at 52,673.69 and has so far touched an intraday high of 52,673.69 and a low of 52,151.46 points.
The Nifty50 was trading at 15,622.85, lower by 123.60 points or 0.78 per cent from its previous close.
Manish Hathiramani, technical analyst with Deen Dayal Investments said: “The index is nearing its short-term support of 15,600. If it breaks this on a closing basis, the next pit stop would be 15,400 which is a crucial medium-term support. If we break that as well, we might witness a pause to the current uptrend.”
“Traders would then need to reevaluate the bullish trend of this market. If either of the levels does not break, we will continue remaining range-bound between 15,400 and 15,900.”