MUMBAI: Indices remained subdued in the backdrop of weak global cues. Banking, chiefly public sector, capital goods and power shares led the declines. At 11:40 am, the Bombay Stock Exchange’s Sensex was down 525 points or 2.98 per cent at 17,054.19, making a low of 17,007.97. BHEL (down 5.86%), ICICI Bank (4.95%), State Bank of India (4.81%), Bharti Airtel (4.31%) and Wipro (3.85%) were the biggest index losers. The major gainers were Maruti Suzuki (up 4.36%), Ranbaxy Laboratories (3.84%), Cipla (3.09%), Hindustan Unilever (1.83%) and Mahindra & Mahindra (0.51%). The National Stock Exchange’s Nifty was down 172 points or 3.3 per cent at 5051.30. “The low of 17258 made by the Sensex on Friday is likely to be tested and if the momentum is any indication, will be broken in the early trade, leaving the 17137 mark as the next support and which too can get overwhelmed. Shorts had developed in the Nifty and longs were seen in the PSU bank stocks. The quantum of the fall would be determined by whether the banks succumb to the pressure,” said Anagram Stock Broking in a note.