New Delhi, India (BBN) – The Sensex and Nifty were trading marginally down after rising about 0.7 per cent in the previous session, as recent outperformers such as banks were hit by profit-taking with analysts warning markets could head for a phase of consolidation this week.
The broader NSE index has been hovering below a key psychological level of 9,000 this month but has been unable to break above it, reports The Hindu Business Line.
The direction of markets will likely hinge on the results of the elections in the northern state of Uttar Pradesh, due out on Saturday, which will have a key influence on Prime Minister Narendra Modi’s chances of clinching a second term in 2019.
Meanwhile, investors are also awaiting the US Federal Reserve meeting next week, where it is widely expected to raise interest rates.
At 2.05pm, the 30-share BSE index Sensex was down 43.41 points or 0.15 per cent at 29,004.78 and the 50-share NSE index Nifty was down 15.2 points or 0.17 per cent at 8,948.25.
Among BSE sectoral indices, metal index fell the most by 1.66 per cent, realty 0.43 per cent, healthcare 0.37 per cent and banking 0.32 per cent. On the other hand, consumer durables index was up 0.73 per cent, power 0.33 per cent, oil & gas 0.3 per cent and capital goods 0.28 per cent.
Top five Sensex gainers were Adani Ports (+1.75 per cent), TCS (+1.16 per cent), ONGC (+1.08 per cent), Wipro (+0.82 per cent) and GAIL (+0.41 per cent), while the major losers were Tata Steel (-2.02 per cent), Axis Bank (-1.42 per cent), Bharti Airtel (-1.24 per cent), Lupin (-1.09 per cent) and State Bank of India (-1.00 per cent).
“The market is largely seeing oscillations in a very narrow range,” said Saurabh Jain, assistant vice-president of research at SMC Global Securities.
“Clouds will be clear only by next week and markets will then take a decisive move. The Fed statement will give more clarity as to how things will shape out in future.”
Financial stocks fell, led by Axis Bank Ltd and YES Bank Ltd. Both were down more than 1 per cent.
Banks have been among the top gainers this year after a ban on high-value currency notes late last year led to a surge in deposits.

Among the gainers, South Indian Bank Ltd rose as much as 3.21 per cent after the Reserve Bank of India removed the bank from its foreign investment caution list.
PNC Infratech Ltd jumped as much as 6 per cent to its highest since February 13 after it won an order from the National Highways Authority of India to build a six-lane highway in Karnataka.
Asian shares rose on Tuesday, diverging from New York markets that slipped on concern about President Donald Trump’s ability to focus on economic policies.
Oil prices were mixed amid fears growing US production will offset OPEC cuts.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose almost 0.5 per cent, after pulling back slightly in early trade.
Japan’s Nikkei fell 0.2 per cent.