Mumbai, May 4 (IANS): A benchmark index for Indian equities markets was still trading lower around Wednesday noon, having nose-dived in early trade as banking stocks managed to pare some of their intra-day losses. Broader markets too were in the red.

However, the weakness following Tuesday's rate hike by the Reserve Bank of India continued to dampen the market breadth.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,558.33 points, was ruling at 18,419.36 points, down 115.33 points or 0.62 percent from its previous close at 18,534.69 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading in the red at 5,519.05 points, down 0.83 percent.

Broader markets were ruling in the negative as well with the BSE midcap index down 0.86 percent and the BSE small cap index down 0.75 percent.

Among the top losers were auto, IT and telecom stocks. Energy scrips were on the rise.

The market breadth was negative with 819 stocks advancing, 1,666 on the decline and 102 remaining unchanged.

Asian markets fell, tracking overnight weakness in the US markets.

The Chinese Shanghai composite index closed 1.83 percent down at 2,878.42 points, while Hong Kong's Hang Seng was ruling 1.67 percent lower at 23,238.64 points.

The Japanese stock exchange was closed on account of a holiday.