Continued FII selling and patchy corporate earnings along with surging Covid cases globally were key factors driving the domestic market.
The 30 stock S&P BSE Sensex of the Bombay Stock Exchange was trading at 59,582.20 points at 11.12 am, which is 516.62 points or 0.86 per cent lower from its previous day's close at 60,098.82 points.
The broader NSE Nifty declined by 84.95 points or 0.47 per cent to 18,028.10 as 38 of its constituents were trading in the red.
Starting on a positive note, the BSE gauge was trading 138.57 points or 0.23 per cent higher at 61,447.48 in early trade.
Tata Steel was the top gainer in the Sensex pack, jumping over 6 per cent, followed by Sun Pharma, L&T, M&M, PowerGrid, Bajaj Finserv, TCS and Infosys.
On the Sensex chart, HDFC, NTPC, Sun Pharma, HCL Tech, UltraTech and Tech Mahindra emerged as prominent gainers, rising as much as 1.69 per cent.
Investors were rattled after notes from the latest Fed meeting showed the U.S. job market is healthy enough to no longer need ultra-low interest rates and other stimulus.
The BSE index was trading 335.30 points or 0.56 per cent higher at 59,937.14 in early trade. Likewise, the Nifty advanced 101.80 points or 0.57 per cent to 17,847.70.
A record growth in Covid-19 cases, especially of the Omicron variant, also hampered investors’ sentiment.
Tech Mahindra the top loser in the Sensex pack, shedding over 2.5 per cent, followed by UltraTech Cement, Reliance Industries, HCL Tech, HDFC, Kotak Bank, HDFC Bank and TCS.
HDFC was the top loser in the Sensex pack, shedding nearly 2 per cent, followed by HCL Tech, HDFC Bank, Infosys, Kotak Bank, Tech Mahindra and TCS.
As the winning momentum continued, the market capitalisation of BSE-listed companies zoomed by Rs 9,30,419.3 crore in four sessions to reach Rs 2,72,44,894.96 crore.
Bajaj Finserv was the top gainer in the Sensex pack, rising over 5 per cent, followed by Bajaj Finance, Kotak Bank, Axis Bank, Tata Steel, HDFC Bank, Asian Paints and ICICI Bank.
Srivastava added that the move could be preceded by a 150-200 point correction on Nifty. Agreed Rajesh Palviya, technical head of Axis Securities.
On the Sensex chart, major gainers were NTPC, PowerGrid, SBI, Titan, Reliance, Bajaj Finance and Axis Bank.