New Delhi, India (BBN)-The BSE benchmark Sensex was trading on a flat note in the morning deals on the back of some amount of selling pressure visible in the pharma, IT and consumer durable stocks.
The 50-share Nifty was trading close to its important psychological level of 8,200 on the back of selling in blue-chip stocks like TCS, HDFC Bank, ITC and Sun Pharma, reports NDTV.
The Indian markets have been facing the heat of selling pressure since quite some time now.
The Sensex has fallen over 1,800 points in the last nine trading sessions while the Nifty is down 900 points (10 per cent) from its peak in March 2015.
The recent selloff is on the back of concerns that the Indian tax authorities are asking foreign institutional investors (FIIs) to pay Minimum Alternate Tax on capital gains made during previous years.
Weak fourth quarter earnings posted by the Indian companies are also adding to the negative sentiment on the Dalal Street.
The FIIs sold shares worth Rs 1,750 crore in trade yesterday as per the data available with the stock exchanges.
Meanwhile, buying was visible in oil & gas, banking, realty and power stocks.
The BSE oil & gas index jumped nearly 1 per cent. Stocks such as HPCL, BPCL, Indian Oil, ONGC, Cairn India, Reliance Industries and GAIL India were trading on a positive note.
Banking stocks were also witnessing some buying interest. The Bank Nifty was up 0.6 per cent. Stocks like ICICI Bank, Yes Bank, Axis Bank and Canara Bank were trading higher.
On the other hand, IT stocks fell in trades on Tuesday. The CNX IT index was down 0.7 per cent.
Just Dial, E Clerx, Mindtree, HCL Tech, TCS, Infosys and Wipro were among the prominent laggards from this space.
From the Nifty-50 basket of stocks, 27 stocks were advancing while 22 were declining.
At 9:45 am., the Sensex was 51 points at 27,228 and the Nifty was up 13 points at 8,226.