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Languishing at day’s low, local equity markets were trading with nasty cut of over 1.30% each, which dragged Sensex and Nifty below psychologically crucial 57,200 and 17,050 levels respectively. Meanwhile, broader indices too capitulating to selling pressure were trading with heavy losses of over 1.50% each. Sentiments were fragile amid acceleration of bond-buying programmes by various central banks to fight off inflation and suck excess liquidity out of the system. After the US Fed, the European Central Bank and the Bank of Japan have decided to hasten the asset purchase programmes. That apart, the Bank of England became the first global central bank on Thursday to raise interest rate by 25 basis points. Selling further crept in with private report stating that India's growth recovery has been led by capital expenditure push by the government so far, but fiscal constraints might prove to be a challenge going forward in terms of driving investments. On the global front, Asian markets were trading mostly lower with technical selling after previous session’s gains and on ignited concerns over impact of Federal Reserve’s monetary policy.

Closer home, most of the sectoral indices on BSE were reeling under pressure, however stocks from technology and information technology counters were the only gainers of the session. The overall market breadth on BSE was in the favor of declines which thumped advances in the ratio of 2279: 958; while 104 shares remained unchanged.

The BSE Sensex is currently trading at 57107.84, down by 793.30 points or 1.37% after trading in a range of 57049.95 and 58062.28. There were 3 stocks advancing against 27 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index lost 1.89%, while Small cap index was down by 1.42%.

The only gaining sectoral indices on the BSE were IT up by 1.23% and TECK was up by 0.65%, while Realty down by 2.66%, Energy down by 2.42%, Telecom down by 2.38%, Auto down by 2.16%, Consumer Durables was down by 2.13% were the top losing indices on BSE.

The top gainers on the Sensex were Infosys up by 2.87%, HCL Tech up by 0.60% and TCS was up by 0.09%. On the flip side, Indusind Bank down by 4.03%, Titan Co down by 3.38%, Hindustan Unilever down by 2.98%, Kotak Mahindra Bank down by 2.92% and Axis Bank was down by 2.80% were the top losers.

Meanwhile, Coal and Mines Minister Pralhad Joshi has said the government might come out with some more reforms in the mining sector ‘very shortly’. He said with the time several amendments have been made in rules concerning the mining sector as well and the mines ministry will continue to bring reforms further as per the demand of the industry.

He stated that the government brought the Mines and Minerals (Development and Regulation) Amendment Act, 2015, which provides for the actual resources through the auction route and further major amendments were brought this year also. He added that this year, in comparison to the previous years, a lot of mines have been brought into auction.

He further emphasized that the government is keen to promote the best use of the country's mineral reserves, a sustainable domestic mining industry, reduce imports and increase the mineral sector's contribution to India's gross domestic product (GDP) from the current 1.75 per cent to at least 2.5 per cent. He noted that India's mining sector contributes in many ways to the country's economy and a little push to this sector will push the entire economy.

The CNX Nifty is currently trading at 17017.30, down by 231.10 points or 1.34% after trading in a range of 16992.05 and 17298.15. There were 6 stocks advancing against 44 stocks declining on the index.

The top gainers on Nifty were Infosys up by 2.90%, Wipro up by 1.16%, HCL Tech up by 0.88%, Hindalco up by 0.55% and JSW Steel was up by 0.28%. On the flip side, Indusind Bank down by 3.89%, Tata Motors down by 3.69%, Titan Company down by 3.32%, Hindustan Unilever down by 3.02% and Kotak Mahindra Bank was down by 2.95% were the top losers.

Asian markets were trading mostly lower; Shanghai Composite declined 38.54 points or 1.05% to 3,636.48, Nikkei 225 slipped 520.64 points or 1.79% to 28,545.68, Straits Times trembled 9.64 points or 0.31% to 3,119.16, Jakarta Composite lost 28.98 points or 0.44% to 6,565.82, Hang Seng decreased 267.16 points or 1.14% to 23,208.34 and Taiwan Weighted was up by 26.85 points or 0.15% to 17,812.59.

On the other hand, KOSPI was up by 11.32 points or 0.38% to 3,017.73.

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