Indian equity benchmarks turned lower in afternoon trade after erasing morning gains of more than 200 points on the Sensex, weighed down by banks, technology, metals, oil & gas and power stocks.
The 30-share BSE Sensex lost 69.33 points to 19,340.36 while the 50-share NSE Nifty fell 26.40 points to 5,882.50. Meanwhile, the broader markets dropped more than benchmarks with the BSE Midcap and Smallcap losing over 1 percent.
Among smallcaps, Sterling Holiday, TV18 Broadcast, Geodesic, Mastek and Bilcare dropped 5-6 percent.
However, Bartronics India gained as much as 19 percent to touch an intraday high of Rs 27.45 after its subsidiary bought 51 percent stake in the US based Systems America.
Banks stocks saw profit booking today with the BSE Bankex falling 0.4 percent. Country's largest lenders State Bank of India, ICICI Bank and HDFC Bank were down 0.3-0.9 percent.
State-owned power equipment maker BHEL and aluminium major Hindalco Industries plunged more than 3 percent.
Top software services exporter TCS went down 1.5 percent while its rival Infosys and Wipro declined 0.5 percent and 1.3 percent, respectively.
Oil & gas producers Reliance Industries and ONGC slipped 1 percent. Commercial vehicle major Tata Motors and telecom operator Bharti Airtel were down 1 percent too.
Meanwhile, FMCG major Hindustan Unilever, two-wheeler company Bajaj Auto and steel producer Jindal Steel gained 2 percent each.
Housing finance company HDFC was up 1 percent and cigarette major ITC gained 0.65 percent.
The BSE benchmark Sensex trimmed its initial sharp gains but managed to trade higher by 111 points in the late morning trade on buying mainly in Pharma, FMCG, and Banking sectors.
Key equity benchmarks Sensex and Nifty leapt rallied in early trade Tuesday, with brokers attributing the surge as sentiment-driven more than anything else. The Sensex climbed to a 20-month high and the Nifty to a 23-month high.
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