The benchmark BSE Sensex fell by 55 points and the NSE Nifty dropped half a per cent in the late morning trade today on heavy selling pressure mainly in tech, healthcare, banking and auto sectors.
Market momentum bore a cautious trend over ongoing Q4 earning result season, a broker said.
Shares from midcap and smallcap companies also witnessed selling pressure, while oil & gas, metal and realty saw buying interest.
The 30-share index resumed higher at 28,682.97 and traded between 28,695.19 and 28,515.30 before quoting 28,610.20 at 1115 hrs, showing a loss of 55.84 points or 0.19 per cent from its last close.
The 50-share NSE Nifty also dipped by 42.00 points or 0.48 per cent at 8,664.70 at 1115 hours.
Major losers were TCS at 3.82 per cent, Wipro 1.80 per cent, Bajaj Auto 1.49 per cent, SunPharma 1.48 per cent, Bharti Airtel 1.41 per cent and AxisBank 1.17 per cent.
Meanwhile, Foreign Portfolio Investors (FPIs) sold shares worth Rs 214.36 crore yesterday, as per provisional data.
Asian stocks were trading mixed as key benchmark indices in China, South Korea, Hong Kong and Indonesia were between 0.01 per cent and 2.06 per cent.
Key benchmark indices in Singapore, Taiwan and Japan fell by 0.25 per cent to 0.89 per cent.
