The market has turned rangebound for more than a week now despite consistent inflow of foreign money. The benchmark indices hit record highs in March - a sharp run up of 10 percent from February 19 lows.
Foreign institutional investors pumped in more than Rs 60,000 crore since February backing the up move in indices.
Investors and traders have now turned cautious as the voting for general elections started on April 11.
Other reasons for nervousness are deteriorating consumption trend and Skymet's projection of below normal monsoon.