However, buying in select metal stocks along with Maruti, L&T and HUL capped the losses.
The 30-share BSE Sensex ended at 15,062.49 down 128.52 points or 0.85 per cent and 50-share NSE Nifty ended the day at 4469.10, down 0.74 per cent or 33.15 points.
The market breadth was mixed. About 1,359 shares advanced while 1,411 shares declined and nearly 392 shares remained unchanged.
Benchmarks volatile; TCS, M&M, GAIL lose
The markets continue to trade lower amid volatility. At 2: 23 pm, the Sensex was down 108 points, to 15,082 and the Nifty fell 28 points, to 4,474.
Oil and gas, banking, power and select technology stocks are under pressure on the back of profit booking. However, buying continued in Maruti, L&T, Reliance Infrastructure, SAIL, Tata Steel, Wipro, Idea, HUL, Ranbaxy, Grasim and Sun Pharma.
The losers were TCS down 3.86 per cent, M&M down 2.74 per cent, ACC down 2.39 per cent, BHEL down 2.39 per cent, Sterlite Industries down 2.37 per cent, GAIL down 3.87 per cent, Suzlon Energy down 2.44 per cent.
Among the midcaps, the gainers were Gujarat Flourochemical, BOC India, BGR Energy, Bhushan and Voltas while MindTree, Opto Circuits, Gujarat NRE Coke, Thomas Cook and OnMobile Global fell 5 to 10 per cent.
Mkts volatile; TCS, HCL, Infy dip
The markets are trading amid volatility and are witnessing selling pressure. At 12: 00 pm, Nifty fell 23 points, to 4,478 and the Sensex gained 105 points, to 15,085.
Power, capital goods, oil & gas select auto and technology stocks were witnessing selling pressure. However, the losses were capped by the buying in metal, telecom stocks and shares of Anil Dhirbhai Ambani Group.
Among the capital goods, BHEL, Suzlon Energy and Punj Lloyd fell 2 per cent each. Post numbers, Thermax lost 1 per cent. L&T, Bharat Bijlee and Siemens lost 0.5 to 0.8 per cent.
In oil and gas stocks, GAIL lost 4 per cent, ONGC, IOC, HPCL, BPCL, Reliance Petroleum, Cairn India and Reliance Industries fell 0.5 to 1.3 per cent.
Among the power stocks, slipping by 1.5 to 2 per cent, Tata Power, GMR Infra, Power Grid Corp, NTPC, GVK Power and Torrent Power were the losers.
In IT stocks, TCS fell 3.86 per cent, HCL and Infosys lost 1.7 to 2 per cent. Wipro gained 0.5 per cent.
Mkts open lower; Kingfisher airlines, MindTree dip
After strong rally on Monday, Jul 20, the Indian markets retreated. At 9:56 am, the Sensex was down 60 points, to 15,130 and the Nifty fell 16 points, to 4,486. The CNX Midcap was down 6 points, to 5,618 while the Nifty Junior rose by 9 points at 8,128.
The gainers among the frontliners were Sterlite, Reliance Infrastructure, Unitech, Axis Bank, SAIL, Tata Motors, Infosys, BPCL, Hero Honda, Tata Communication and Hindalco. And TCS was consolidating around Rs 500.
Among the midcaps, Era Infra Engineering, Sterlite Tech and KPIT Cummins gained 5 per cent each. Essar Oil was up 3 per cent. Triveni Engg was up 2 per cent.
While Yes Bank up by 1 per cent ahead of numbers, Mindtree fell 1 .8 per cent post numbers.
Falling by 2 per cent, the losers were Gujarat NRE Coke, IndusInd Bank, JP Hydro, GVK Power and Kingfisher Airlines.