Sensex, Nifty see profit booking; Infosys, L&T, ICICI Bank drag
The market erased its early gains on the back of profit booking after rising consistently for five consecutive sessions. The Sensex fell 70.32 points to 26655.28 and the Nifty slipped 21 points to 8157.50.
The broader markets also turned lower with the BSE Midcap and Smallcap indices falling 0.3-0.5 percent. The market breadth was weak too as about two shares declined for every share rising on the Bombay Stock Exchange.
Sun Pharma extended losses in morning trade, down 5 percent after its Q4 earnings fell short of expectations.
Infosys, L&T, ICICI Bank, Bharti Airtel, Adani Ports, GAIL and Coal India declined 1-2 percent while Lupin, Maruti Suzuki and NTPC outperformed, up over a percent.
The Indian rupee opened flat at 67.15 per dollar against previous close of 67.16.
"The continued hawkish Fed speak seems to be preparing the markets for a possible Fed hike soon. The USD-INR pair has been trading in the 67-67.50/dollar range with prospects of a good monsoon and possibility of GST bill getting passed in Monsoon session of Parliament helping the pair."