The markets are weak in the early deals of Tuesday with the BSE Sensex, shedding 0.5 per cent to trade at 14,579 levels.

In the broader markets, Nifty has also dropped 0.4 per cent to 4375 levels.

“Nifty may test 4320 levels today. Banking stocks are likely to lead the resurgence in market,” said Shrikant Chouhan, Technical Analyst, Kotak Securities.

Selling pressure has emerged across most counters barring consumer durables and IT stocks. Capital goods, realty, banking and auto counters are leading the decline.

“Crude oil may cease to be a trigger for equity markets and the recent 4-day sell-off is due to the lack of any decision on PNs by Sebi,” said Vinod Kumar Sharma, Head of Research, Anagram Stock Broking.

Wipro, shedding 2.1 per cent, is the biggest loser among the BSE-30 scrips. Other prominent losers in the group are Housing Development Finance, Sterlite Industries and Bharti Airtel. 

The Asian markets are weak on Tuesday with Hong Kong’s Hang Seng, South Korea’s Kospi and Japan’s Nikkei trading in the red zone by over 0.6 per cent each.

Capital goods, banking worst hit

The BSE capital goods index, losing 112 points or 0.9 per cent is the biggest loser among the sectoral indices. AIA Engineering, ABB and BHEL are the major losers in the group. The BSE banking index is also down 0.3 per cent.