The key domestic benchmark indices were trading in the red in the late morning trading session tracking weak cues and negative trend across the Asian markets.
On the economy front, the Reserve Bank of India has scrapped bank guarantee instruments such as the Letter of Undertaking and Letter of Comfort following the recent PNB scam.
Among others, public sector banks shares hit the most, with the PSU Bank index itself falling more than 2 percent intraday after the increase in PNB fraud amount for the second time. Also, shares of Strides Shasun added 1.5 percent as it has received USFDA approval for Efavirenz Tablets. Also, shares of Fortis Healthcare advanced 5.6 percent as Yes Bank acquired stake in the company.
At 11:15 a.m, the Bombay Stock Exchange bellwether Sensex was at 33691.12 down by 165.66 points or by 0.49 per cent, while the NSE Nifty was at 10374.8 down by 52.05 points or by 0.5 per cent.
The BSE Sensex touched an intraday high of 33800.04 and an intraday low of 33687.16 while the NSE Nifty touched an intraday high of 10407.05 and an intraday low of 10371.1.
The top gainers of the BSE Sensex pack were YES Bank Ltd. (Rs. 314.65,+0.50 per cent), Maruti Suzuki India Ltd. (Rs. 8783.10,+0.34 per cent), Tata Consultancy Services Ltd. (Rs. 2900.75,+0.29 per cent), Hindustan Unilever Ltd. (Rs. 1321.20,+0.26 per cent), Infosys Ltd. (Rs. 1183.60,+0.26 per cent), among others.
Meanwhile, ICICI Bank Ltd. (Rs. 299.15,-1.60 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 379.50,-1.36 per cent), Hero MotoCorp Ltd. (Rs. 3652.35,-1.32 per cent), State Bank of India (Rs. 251.60,-1.29 per cent), Axis Bank Ltd. (Rs. 524.85,-1.12 per cent), were among the top losers on BSE.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total 2418 shares traded, shares advanced were 1098 while 1196 shares declined and 124 were unchanged.
On the global front, Asian stocks were trading lower following the sacking of US Secretary of State Rex Tillerson, and amid talk of potential US tariffs against China., while the Wall Street closed lower in the previous trading session as the dismissal of U.S. Secretary of State Rex Tillerson and the possibility of additional U.S. import tariffs against China dragged down stocks across sectors.