A lowered growth forecast, the widening monsoon deficit and diminishing hopes of a rate cut, coupled with a stalled reforms process, dented investor confidence in the Indian equity markets on Tuesday.
Bearish sentiments led the barometer 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE) to trade lower by 62 points during the afternoon trade session.
The subdued moves also lowered the wider 50-scrip Nifty of the National Stock Exchange (NSE). It fell by 23 points or 0.27 percent at 8,454.55 points.
The S&P BSE Sensex which opened at 27,949.13 points, was trading at 28,816.18 points (at 12.45 p.m.), down 62.09 points or 0.22 percent from the previous day's close at 27,878.27 points.
The Sensex touched a high of 28,040.73 points and a low of 27,747.40 points in the intra-day trade so far.
Sector-wise, healthy buying was observed in information technology (IT), capital goods and technology, entertainment and media (TECK) stocks.
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However, metals, banks and healthcare sectors came under intense selling pressure.
The S&P BSE IT index augmented by 191.84 points, capital goods index gained by 144.35 points and TECK index rose by 71.53 points.
On the other hand, the S&P BSE metal index plunged by 169.87 points, banks index receded by 146.96 points and healthcare index plummet by 59.49 points.