Indian stocks slipped 0.59 percent Wednesday in line with weaker Asian and European markets that were hit by fresh concerns about global economic recovery. The benchmark 30-share Sensex closed down 102.46 points at 17,125.22. "The markets were choppy and closed lower, tracking weak European and Asian markets," said Alex Mathews, head of research at Geojit BNP Paribas Financial Services.
Gainers led losers 1,507 to 1,306 on turnover of 50.99 billion rupees (1.09 billion dollars). ICICI Bank fell 16.75 rupees or 1.92 percent to 855.3 on profit-taking. Reliance Industries fell by 1.6 percent or 17.25 rupees to an intraday low of 1,063 on a report that it planned to buy the debt of bankrupt petrochemicals firm LyondellBasell.
But it retraced to close at 1,072.05, down 8.2 rupees or 0.76 percent, after it denied the report. Hindalco fell 4.45 rupees or 3.04 percent to 141.75 and Tata Steel, fell 23.7 rupees or 4.17 percent to 544.85, as global metal prices fell. Maruti Suzuki India rose 39.9 rupees or 2.54 percent to 1,608.95.