MARKET COMMENTARY

Key benchmark indices extended losses to hit fresh intraday lows in late trade. The Sensex and the 50-unit S&P CNX Nifty hit their lowest in nearly one week. Weakness in European stocks triggered profit booking on the domestic bourses after recent strong rally in share prices. Index heavyweight Reliance industries (RIL) declined more than 1%. State Bank of India (SBI) tumbled over 8% on reports that the bank has committed around Rs 1200 crore to beleaguered Kingfisher Airlines. Finally The 30-share Sensex ended down 283 points at  18,145 and the 50-share Nifty ended down 101 points at 5,505.

Asian markets were mixed on Wednesday amid concerns over Europe's Greek aid deal and higher oil prices. Key benchmark indices in Hong Kong, China, South Korea, Japan and Taiwan rose by between 0.22% to 1.01%. Key benchmark indices in Indonesia, and Singapore were down by between 0.2% to 0.97%.

European stock markets drifted lower on Wednesday on weak economic data. Key benchmark indices in France, UK and Germany shed by between 0.33% to 1.02%.