Mumbai, Oct 5 (IANS): A benchmark index for Indian equities slipped into red in the afternoon session Wednesday after rising nearly one percent in the morning trade, as weakness in banking stocks continue to weigh on Dalal Street's sentiments.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), opened in the positive at 15,967.72 points, but slipped in the negative terrain in the afternoon session. The Sensex was ruling at 15,841.56 points in the afternoon session, down 0.15 percent or 23.30 points from its previous close at 15,864.86 points.

The Sensex touched a high of 16,044.91 points and low of 15,840.13 points in the intra-day trade.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also slipped in the negative territory in the afternoon after rising nearly one percent in the early trade. The Nifty was ruling 0.15 percent down at 4,765 points.

Broader markets were also in the negative, with the BSE midcap and smallcap indices trading with a loss of nearly a quarter percent.

Among the sectoral indices, the banking index was down over two percent and consumer durables index was down 0.72 percent.

State Bank of India, the country's largest lender, slumped for the second day after the global ratings firm Moody's downgraded its ratings from C- to D+. SBI was down 3.35 percent at Rs.1,726.90. ICICI Bank slumped almost four percent.