Mumbai, Jan 27 (IANS): The key Indian equities declined on Wednesday morning with the BSE Sensex losing nearly 400 points, coming down from the 48,000-mark.

Heavy selling was witnessed in banking, finance and oil and gas stocks.

Around 10.25 a.m., Sensex was at 47,954.05, lower by 393.54 points or 0.81 per cent from its previous close of 48,347.59.

It opened at 48,385.28 and has so far recorded an intra-day high of 48,387.25 and a low of 47,939.97.

The Nifty50 on the National Stock Exchange was trading at 14,147.05, lower by 91.85 points or 0.65 per cent from its previous close.

Manish Hathiramani, technical analyst with Deen Dayal Investments said: "14,250 was a medium-term support for the index which was pierced on Monday. This makes the Nifty vulnerable and we can go down to 13,950 as a possible target."

"If we are unable to hold that level, we could fall further to 13,600. On the upside, the resistance is at 14,550-14,600 and until we do not close above that zone, we will continue to remain in the grip of the bears," he said.