The key Indian equity indices declined on Wednesday morning with the BSE Sensex losing over 400 points.
Heavy selling pressure was witnessed in banking, finance and oil and gas stocks.
Around 10.25 a.m., Sensex was trading at 48,717.15, lower by 444.66 points or 0.90 per cent from its previous close of 49,161.81.
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It opened at 49,171.28 and has so far touched an intra-day high of 49,171.28 and a low of 48,712.42 points.
The Nifty50 on the National Stock Exchange was trading at 14,722.10, lower by 128.65 points or 0.87 per cent from its previous close.
Manish Hathiramani, technical analyst with Deen Dayal Investments said: "The Nifty is keeping above the 14,700 level. We will threaten the current uptrend if we close below 14,700."
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"The situation would need to be reviewed then. Until then the trend continues to remain up and traders can strategically find ways to enter the market on dips. The markets can scale higher to 15,200-15,250," he said.
The top gainers on the Sensex so far were Power Grid, Larsen & Toubro and NTPC, while HDFC, Hindustan Unilever and IndusInd Bank were the major losers.
