The stock market slipped after a positive start with the benchmark BSE Sensex dropping by 221.92 points and broader NSE Nifty trading below the crucial 8,300-level on across-the-board selling pressure.
Sentiment turned bearish on consistent FII selling and worries over earning results of heavyweights expected later today. Key US Federal Open Market Committee (FOMC) starting tomorrow and April derivative contract expiring this week also led to a cautions approach.
Across-the-sector selling was witnessed with BSE healthcare and consumer durables losing over 2 per cent, while realty, IT, auto, capital goods and oil&gas down more than 1 per cent.
The broader market underperformed the Sensex with midcap and smallcap indices dropping nearly 3 per cent.
The 30-share BSE index resumed higher by 27,565.49 and hovered in the range of 27,567.28 to 27,210.10 before quoting at 27,216.02 at 1045hrs, showing a fall of 221.92 points or 0.81 per cent from its last close.
The 50-share Nifty was also quoted lower by 78.50 points or 0.95 per cent to quote at 8,226.75 at 1045hrs.
Major losers were Dr Reddy's 2.46 per cent, BHEL 2.12 per cent, Hero MotoCorp 2.11 per cent, SBI 2.07 per cent, Tata Steel 2.00 per cent, Cipla 1.92 per cent, Infosys 1.83 per cent, Sun Pharma 1.67 per cent and HDFC 1.59 per cent.
Meanwhile, Foreign portfolio investors sold shares worth Rs 775.46 crore last Friday, as per provisional data.
Asian stock markets trading higher today.
Key indices in China, Hong Kong, Taiwan and Singapore were up 0.08 to 1.85 per cent. Key indices in South Korea, Japan and Indonesia trading lower by 0.1 to 2.11 per cent.
