The key domestic benchmark indices continued to hover near the base line during the late noon trading session amid selling pressure in IT stocks on worries over H-1B visas.
At 14:25 hours, the 30-share benchmark index was trading at 26869.56 down by 8.68 points or by 0.03 per cent, while the NSE Nifty was at 8265.45 down by 8.35 points or by 0.1 per cent.
Sentiments dampened after a media reported suggested that the US Congressmen have reintroduced a bill to limit the use of H-1B visas, a move which would directly affect IT industry.
In the choppy trade so-far, Sensex touched an intraday high of 27009.61 and an intraday low of 26822.52, while the NSE Nifty touched an intraday high of 8306.85 and an intraday low of 8257.75.
The sentiments also turned pessimistic with President Pranab Mukherjee issuing a note of caution that the Narendra Modi government’s demonetization decision could likely lead to a temporary slowdown in the economy and hurt the poor.
The top gainers of the BSE Sensex pack were Oil And Natural Gas Corporation Ltd. (Rs. 204.75,+2.55%), Asian Paints Ltd. (Rs. 930.35,+1.52%), Dr. Reddy's Laboratories Ltd. (Rs. 3169.30,+1.06%), Housing Development Finance Corporation Ltd. (Rs. 1227.60,+0.91%), Bharti Airtel Ltd. (Rs. 324.00,+0.89%), among others.
The top losers of the BSE Sensex pack were Infosys Ltd. (Rs. 972.00,-2.45%), Tata Consultancy Services Ltd. (Rs. 2282.95,-2.21%), Wipro Ltd. (Rs. 472.00,-1.74%), ITC Ltd. (Rs. 243.75,-1.12%), Maruti Suzuki India Ltd. (Rs. 5602.00,-0.59%), among others.
Among the sectors, Bankex index was at 20948.32 up by 225.91 points or by 1.09%. YES Bank Ltd. (Rs. 1247.00,+3.08%), Punjab National Bank (Rs. 119.90,+1.91%), Kotak Mahindra Bank Ltd. (Rs. 711.95,+1.90%), IndusInd Bank Ltd. (Rs. 1147.80,+1.80%), Bank of Baroda (Rs. 153.35,+1.76%),.
On the flip side, TECk index was at 5407.97 down by -106.7 points or by -1.93%. Just Dial Ltd. (Rs. 378.00,-4.06%), MindTree Ltd. (Rs. 503.50,-3.83%), HCL Technologies Ltd. (Rs. 814.00,-3.57%), Mahindra & Mahindra Ltd. (Rs. 472.90,-3.15%), Eros International Media Ltd. (Rs. 169.30,-2.56%),.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2901 , shares advanced were 1293 while 1434 shares declined and 174 were unchanged.