Domestic equity benchmarks gave up gains and were trading in the negative territory. Selling pressure in HDFC Bank, ICICI Bank, Tata Consultancy Services, ITC and HCL Technologies weighed on the benchmark indexes. As of 1:12 pm, Sensex traded 45 points or 0.12 per cent lower at 37,706 and the NSE Nifty 50 Index fell 19 points or 0.17 per cent to 11,322. Earlier in the day, Sensex and Nifty opened higher and Sensex rose as much as 156 points and NSE Nifty 50 Index climbed 42 points to hit intraday high of 11,383.
The fall from the intraday high levels came due to weekly expiry of derivative contracts, analysts said.
"After rallying from 10,585 levels some amount of profit booking in Nifty cannot be ruled out and some pressure due to weekly expiry of derivative contracts is also putting pressure," AK Prabhakar, head of research at IDBI Capital told NDTV over phone.
"However, a reversal in trend or indications of more downside in Nifty will emerge once it breaks below yesterday's low of 11,276," Mr Prabhakar added.
Thirteen of 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Utilities Index's 0.8 per cent decline. Information Technology, Power, Consumer Durables, FMACG and Basic Material indexes on the BSE were also trading with a loss of 0.5 per cent. On the flipside, S&P BSE Realty Index was top gainer, up 1.92 per cent.
Mid- and small-cap shares were also trading on a subdued note as the S&P BSE MidCap Index fell 0.32 per cent and the S&P BSE SmallCap Index declined 0.02 per cent.
HCL Technologies was top loser in the Nifty 50 basket of shares, the stock fell 2 per cent to Rs 1,007. UltraTech Cement, Tech Mahindra, Hero MotoCorp, GAIL India, Titan, Adani Ports and Dr. Reddy's Labs were also among the losers. On the other hand, NTPC, Yes Bank, IndusInd Bank, Sun Pharma, Indian Oil and Bharti Airtel were among the gainers.
The overall market breadth was negative as 1,487 shares were declining while 1,015 were advancing on the BSE.