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The S&P BSE Sensex slipped 150 points in opening trade on Wednesday tracking weak cues from global equity markets. The losses in the index were led by ICICI Bank, L&T, HDFC, HDFC Bank.The 50-share barometer Nifty50 traded below its crucial support level of 7,100. The losses in banking, metals, pharma, auto and auto stocks weighed on the index. 

The India Volatility Index, which measures implied volatility of stock options and is often seen as a gauge of investor fear, hit a week-high of 24.64. It closed up 13.4 percent at 23.83.Power company NTPC (NTPC.NS) falls 2.5 percent as government sells a 5-percent stake worth about 50.29 billion rupees ($734 million) starting Tuesday.