India's benchmark indices continued to trade lower through midday on Tuesday, tracking a decline in the IT and financial services sectors.
As of 12:06 p.m., the S&P BSE Sensex was 0.73%, or 532.58 points, lower at 71,747.16, while the NSE Nifty 50 declined 0.59%, or 128.40 points, to 21,611.35.
Intraday, the S&P BSE Sensex declined 0.91% to 71,613.74, and the NSE Nifty 50 fell 0.86% to 21,555.65.
"Technically, both the indices hit a new record of 21834.35/72561.91 after a slow start but corrected sharply due to sustained profit-booking at higher levels. We believe that the current market structure is volatile, and on the intraday chart, the index has formed a reversal," said Shrikant Chouhan, head of equity research at Kotak Securities.
"Intraday formations indicate that the weak sentiment is likely to continue as long as the indices are trading below 21850/72600. If the index trades below that level, the market can touch the level of 21600–21500/71900–71500 again. On the other hand, if it trades above 21850/72600, the index may rise to 21900-22000/72750-73000," he said.
ICICI Bank Ltd, Infosys Ltd, Larsen & Toubro Ltd, Mahindra & Mahindra Ltd, and Reliance Industries weighed on the Nifty 50.
Sun Pharmaceutical Industries Ltd, Coal India Ltd, Bharti Airtel Ltd, Oil and Natural Gas Corporation Ltd, and Divis Laboratories Ltd. supported the index.
On NSE, 11 sectors out of 12 were trading in red, with the Nifty Auto and Nifty IT emerging as the top loser among sectoral indices. Both the sectors declined 1.61% each.
Nifty Pharma rose 1.92% to be the top gainer among sectoral indices and the only sector to gain.
Broader market declined in line with the benchmark indices, with the S&P BSE Mdicap falling 0.57%, and BSE Smallcap trading 0.48% lower through midday on Tuesday.
Around 17 sectors compiled by BSE declined, while three advanced. BSE Auto sector declined the most.
The market breadth was skewed in favour of the sellers. Around 2,127 stocks fell, 1,526 stocks rose, and 125 remained unchanged on BSE.
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