The Sensex touched the day's low of 19,211, falling 438 points from the day's high of 19,649.The Sensex is currently down 118 points at 19,269. IT and Capital Goods indices down 1% each were the major losers. In the broader markets, the midcap index is flat while the smallcap index continues to hold gains, up 0.5% outperforming the BSE benchmark index, down 0.5%
The major draggers among the Sensex stocks are Infosys, TCS accounting for a loss of 52 points on the Sensex followed by ITC, HDFC Bank, HDFC and Jindal Steel shedding a total of 40 points.
Hormoz Maloo, Technical analyst, Geojit BNP Paribas said, "The Nifty has stiff resistance around 5900. The rise in the morning was quite unwarranted. We are within the result season, and as good and bad results are expected or announced the market would be quite volatile. In earlier quarters, the market has shown a good correction in the result season. I expect the same to occur this time also."
Oil & Gas, Auto and Consumer Durables up 0.2-0.4% are the only sectors trading in the positive. Realty index down 1% has pared its morning gains while IT index continues its loosing streak.
The market breadth is positive. Of the total 2783 stocks traded on the BSE, 1419 stocks have advanced while 1260 have declined.