Indian shares gave up early gains and traded lower on Tuesday, dragged by selling in IT and financial stocks amid mixed Asian cues.
The Sensex fell 225 points to 71,090, while the Nifty 50 slipped 75 points to 21,343 in late-morning deals.
Tech Mahindra, TCS, Wipro, and Infosys declined between 1-2% each, weighing on indices and Bajaj Finserv and Sun Pharma.
Axis Bank, ITC, Bharti Airtel, and HUL bucked the trend to trade higher. Vedanta rose 2% after declaring an Rs 11 per share dividend.
Broader markets saw the BSE MidCap index edge lower while the SmallCap gauge climbed 0.3%.
Global stocks were mixed as investors awaited the Bank of Japan’s policy decision, with Japanese shares trading higher.
On Monday, the Sensex ended 169 points lower at 71,315 and the Nifty settled at 21,419, down 38 points.
The recent rally may lead to some cons of the oxidation as the holiday season approaches, said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The Indian rupee depreciated 3 paise to 83.13 against the US dollar in early trade amid foreign fund outflows and firm crude oil prices.
