The markets lost ground in noon deals with the benchmark index skidding 1.4% or 194 points to 13,770 levels on weak global cues. In broader markets, the Nifty is trading down 23 points at 4,135 levels.
“Intra-day, pivot at 4,155 - 4,169 levels needs to be sustained for a further upside in the Nifty. Resistance in rallies is pegged at 4,220 and 4,265 points in an optimistic scenario. Its crucial support is at 4,074 levels,” said a technical analyst with Religare Securities.
Most Asian stocks slipped on fears that the credit crunch impacting Wall Street will inflict more damage on the region that is already grappling with soaring inflation.
Nikkei-225 index ended the morning session weak by 12.64 points at 13,039. The broader Topix slipped to 1,285 levels.
Back home, banking counters witnessed selling pressure in noon deals with Axis Bank and Karnataka Bank slipping over 3% each. Bank of Baroda, Oriental Bank of Commerce, Axis Bank and Federal Bank are also trading in negative turf.
However, DLF Limited moved up around 2% to Rs460 on the back of the company’s board clearing a buyback of 22 million shares at Rs600 each.