A benchmark index for Indian equities markets Thursday was ruling about 129 points lower, a little before noon, as selling in metals, IT and telecom stocks intensified. Other Asian markets saw a rally.
The 30-scrip sensitive index (Sensex) of the BSE opened at 16,338.14 points and was ruling at 16,155.25 points, down 129.73 or 0.8 percent from its previous close at 16,284.98 points.
It had risen to a high of 16,373.84 points soon after opening bell.
The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading in the red, 0.89 percent down at 4,846.5 points.
Broader markets were also in the negative. The BSE midcap index was down 1.01 percent while BSE smallcap index was ruling 0.66 percent lower.
Metals, IT, telecom and consumer durables stocks were facing bulk of the selling pressure, while auto scrips saw some buying.
Among major gainers on the Sensex were Sun Pharma, ONGC, Tata Motors and Tata Power. The losers included Jindal Steel, Jaiprakash Associates, Tata Steel and HDFC.
Tracking overnight gains at Wall Street, Asian markets saw a rally Thursday.
Traders were also hoping that Federal Reserve chief Ben Bernanke will outline plans to kickstart the ailing US economy Friday.
The benchmark Japanese Nikkei was ruling 1.9 percent higher at 8,803.67 points while the Chinese Shanghai Composite index was up a similar quantum at 2,589.47 points.
Hong Kong's Hang Seng was trading 1.21 percent higher at 19,703.29 points.