Trimming early gains, Indian equity benchmarks were trading in a narrow range with swinging between negative and positive territories during the afternoon session on Friday on increased selling pressure mainly in IT sector stocks on worries over H-1B visas amid mixed cues from fellow Asian peers.
At 1:11 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 26,849.93 down by 28.31 points or 0.11 per cent while the NSE Nifty was at 8,275.35 up by 1.55 points or 0.02 per cent.
Moreover, investors turned warry as corporate earnings season to kisk start next week and that the government will deliver a fiscally responsible budget on February 1, influenced sentiment at D-Street.
Selling pressure was witnessed mainly in the IT and Teck sector stocks.
Major show spoilers were Tata Consultancy Services Ltd. (Rs. 2276.70,-2.48%), Infosys Ltd. (Rs. 973.70,-2.28%), Wipro Ltd. (Rs. 472.20,-1.70%), ITC Ltd. (Rs. 243.80,-1.10%), Maruti Suzuki India Ltd. (Rs. 5608.00,-0.48%), among others.
The top gainers of the BSE Sensex pack were Oil And Natural Gas Corporation Ltd. (Rs. 204.80,+2.58%), Dr. Reddy's Laboratories Ltd. (Rs. 3175.25,+1.25%), Asian Paints Ltd. (Rs. 927.00,+1.15%), GAIL (India) Ltd. (Rs. 446.45,+1.03%), Housing Development Finance Corporation Ltd. (Rs. 1226.00,+0.78%), among others.
The market breadth, indicating the overall strength of the market, was weak. On BSE, out of the total 2,775 shares traded, 1,229 advanced while 1,380 shares declined and 166 remained unchanged.