Mumbai: The S&P BSE Sensex index fell as much as 48.79 points to hit 40,438.64 on the downside, and the broader NSE Nifty benchmark declined to as low as 11,919.15, down 18.35 points from the previous close.
Losses in information technology stocks pulled the markets lower; however gains in pharmaceutical and financial shares provided support. Analysts expect some volatility to continue in the near term till more clarity emerges on the monetary policy front.
At 9:22 am, the Sensex traded 20.00 points – or 0.05 per cent – lower at 40,467.43 while the Nifty was down 6.85 points at 11,930.65.
Only twenty-one stocks on the Nifty 50 index at the time traded higher. Top laggards were Yes Bank, Bharti Infratel, UltraTech Cement, Tech Mahindra and Power Grid, down between 0.88 per cent and 1.96 per cent each.