The Sensex is down 217.86 points or 0.60% at 36323.77, while the Nifty is down 82.00 points or 0.74% at 10936.90.
The index still held its previous day#39;s intraday low, which indicated that bulls have not given up yet and the market may resume its upward journey soon to hit earlier record highs, experts said.
The Sensex ended up 282.48 points or 0.78% at 36548.41, while the Nifty was up 74.90 points or 0.68% at 11023.20.
Even though Indian markets bucked the trend but benchmark indices closed near their respective intraday low levels as investors preferred to book profits at higher levels.
The SP BSE Sensex closed 304 points higher at 36,239.62 while the Nifty50 rose 94 points up at 10,947 on Tuesday.
Private sector lender IndusInd Bank and software services exporter TCS will begin June quarter earnings season on Tuesday.
All sectoral indices closed in the green with Metal, Pharma and Bank gaining a percent each.
The SP BSE Sensex closed 83 points higher or 0.23 percent at 35,657 while the Nifty50 ended 22.90 points higher at 10,772.65.
The broader market indices, BSE Midcap Smallcap, underperformed the benchmark.
HDFC Bank, HDFC and Reliance Industries lifted the market higher.
For today, the SP BSE Sensex rallied 114 points or 0.32 percent while the Nifty50 gained 42 points to close just a shade below its crucial level of 10,700 at 10,699.90.
Reliance Industries, Infosys, TCS, Maruti Suzuki, ITC, Bajaj Finserv, IOC, Kotak Mahindra Bank and Bajaj Finance, which gained 1-2 percent, were top contributors to the Nifty#39;s gains.
Analysts advise investors to remain cautious as a weakness could persist in the market as long as Nifty trades below 10660-10700 levels.
The 30-share BSE Sensex fell 159.07 points to 35,264.41 and the 50-share NSE Nifty shed 57 points to 10,657.30. About 1,643 shares declined against 966 advancing shares on the BSE.
All sectoral indices traded in the red except IT. Metals lost shine.
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PhillipCap has downgrade HUL to neutral from buy and kept target at Rs 1,710 per share.
Punjab National Bank sees June quarter operating profit at Rs 3,595 crore and FY19 at Rs 21,630 crore.
The breadth of the market favoured advances, with 894 stocks advancing, 684 declining and 472 remaining unchanged. On BSE, 977 stocks advanced, 712 declined and 81 remained unchanged.
Revenue from operations drops 12.2 percent to Rs 1,325 crore versus Rs 1,509 crore, YoY, but increases 2.5 percent from Rs 1,292.56 crore (QoQ).
BEML and Larsen Toubro signed a Memorandum of Understanding (MoU) to jointly capitalise on the emerging opportunities in the domestic and export markets for defence products and systems.
The stock touched an intraday high of Rs 128.45 and an intraday low of Rs 125.00.
Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food Drug Administration (USFDA) for Colesevelam Hydrochloride for Oral Suspension, 1.875 grams/Packet and 3.75 grams/Packet.
JTEKT India was trading with volumes of 13,097,994 shares, compared to its five day average of 7,565 shares, an increase of 173,043.96 percent. Elgi Equipments was trading with volumes of 219,538 shares, compared to its five day average of 3,333 shares, an increase of 6,486.01 percent.
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273 stocks have hit fresh 52-week low including Ambuja Cements, Andhra Bank, Bank of India, Bharat Heavy Electricals, Can Fin Homes, Cummins India, Federal Bank, IDFC Bank, INOX Leisure, Kwality, NBCC, PC Jeweller, Reliance Power, Tata Motors and Union Bank among others.
The major reason for fall in share prices is that the increase in carrying capacity may reduce the demand for commercial vehicles as companies can manage their work with lesser number of trucks or tractor trailers than earlier.
The fall in share price could be on account of profit booking. The stock had rallied 19 percent in the past six consecutive sessions ahead of LIC#39;s board meeting.
Revenue of the company was up 47.5 percent at Rs 71.3 crore versus RS 48.4 crore.
The company has reported 2 percent fall in its Q1 net profit to Rs 53.76 crore versus Rs 54.97 crore in the same quarter last fiscal.