The key domestic benchmark indices were trading in a negative terrain in the morning trading session tracking bearish trend and negative cues from the global markets.
The traders will keep a close eye on the political development in Karnataka as fortunes of BJP hung in balance as governor Vajubhai Vala will take a final call on who to invite first to form the government for a floor test.
On the corporate front, shares of Punjab National Bank (PNB) touched 52-week low of Rs 76.10, falling 12 percent in the early trade post weak numbers posted by the company for the quarter ended March 2018.
On the earning front, big names such as, ITC, JSW Steel, Tata Steel, Hindalco, TVS Motor, Zee Media and Birla Corporation, will release its March quarter results today. Share price of Cyient gained 3.5 percent intraday as the company signed definitive agreement to acquire the remaining stake in its subsidiary company.
At 10:15 a.m, the Bombay Stock Exchange bellwether Sensex was at 35268.69 down by 275.25 points or by 0.77 per cent, while the NSE Nifty was at 10710.25 down by 91.6 points or by 0.85 per cent.
The BSE Sensex touched an intraday high of 35452.35 and an intraday low of 35243.38 while the NSE Nifty touched an intraday high of 10764.8 and an intraday low of 10702.7.
The top gainers of the BSE Sensex pack were Wipro Ltd. (Rs. 272.20,+0.67 per cent), Tata Consultancy Services Ltd. (Rs. 3493.95,+0.33 per cent), Tata Steel Ltd. (Rs. 625.15,+0.18 per cent), Hindustan Unilever Ltd. (Rs. 1518.00,+0.13 per cent), Power Grid Corporation of India Ltd. (Rs. 213.95,+0.07 per cent), among others.
Meanwhile, ICICI Bank Ltd. (Rs. 295.80,-3.96 per cent), Hero MotoCorp Ltd. (Rs. 3535.25,-3.23 per cent), State Bank of India (Rs. 241.40,-2.90 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 401.00,-1.90 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 185.55,-1.70 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 2056 shares traded, 483 shares advanced, 1483 shares declined while 90 were unchanged.
On the global front, Asian stocks were trading lower after Pyongyang called off talks with Seoul, while the Wall Street closed lower in the previous trading session as spike in the U.S. 10-year Treasury yield to a seven-year high knocked sentiment on Wall Street.