Zee Media Bureau
The S&P BSE benchmark Sensex pared its early gains and dropped by over 200 points in afternoon trade Tuesday on sustained selling pressure.
The Nifty also fell below the psychologically important 8,000 level.
The Sensex resumed higher at 26,854.90 and hovered in a range of 26,861.29 and 26,550.29 before quoting at 26,613.34, showing a loss of 203.22 points or 0.76 percent from its last close.
The NSE 50-share Nifty also moved down by 74.10 points, or 0.92 percent, to 7,967.90.
Major losers on BSE were Tata Steel (3.46 percent), Tata Motors (2.65 percent), Axis Bank (2.56 percent), ONGC (2.54 percent) and Tata Power (2.53 percent).
Selling by foreign funds also affected the market sentiment. Foreign portfolio investors (FPIs) sold shares worth a net Rs 74.59 crore yesterday as per the provisional data issued by stock exchanges.
Asian bourses mostly slipped today before the US Federal Reserve`s monetary policy meeting, and as lingering concerns over Chinese and US economic data weighed on global markets.
Tokyo fell 0.23 percent, or 36.76 points, to 15,911.53 and Sydney lost 0.51 percent, or 28.1 points, to end at 5,445.5.
Shanghai sank 1.82 percent, or 42.59 points, to 2,296.55 and Hong Kong, which opened only for the afternoon session due to a typhoon, fell 0.91 percent or 220.98 points to end at 24,136.01.
However, Seoul ended up 0.35 percent, or 7.10 points, at 2,042.92.
US stocks closed mostly lower yesterday with losses led by technology and small-cap stocks as investors continued to unload riskier position ahead of this week's pivotal Federal Reserve policy meeting.
With agency inputs
