Benchmark indices extended previous day's losses in opening trade on Tuesday, with the Sensex and Midcap indices falling more than 100 points following weak global cues.
The 30-share BSE Sensex was down 103.21 points at 32,819.91 and the 50-share NSE Nifty fell 32.90 points to 10,061.40.
Vedanta, IOC, Axis Bank, Kotak Mahindra Bank, Bajaj Finance, Cipla, Hindalco, Tata Motors and IndusInd Bank were early losers.
Infosys, Indiabulls Housing Finance, UltraTech Cement and Eicher Motors were early gainers.
Nifty Midcap index was down 120 points. About four shares declined for every share rising on the BSE.
Canara Bank, Central Bank of India, BEML, Cummins India, Zee Learn fell up to 4 percent
Shilpa Medicare, Future Retail, Godrej Consumer, Future Consumer and Gujarat Gas gained up to 2 percent.
Nandish Shah of HDFC Securities said the Nifty was maintaining the bearish pattern of lower tops on the daily charts, and now the recent top of 10,479 would act as a strong resistance for the medium term.
From the derivative side, we have seen a short build up in the Nifty and Bank Nifty Futures’ during the last couple of days with sharp fall in the Nifty and Bank Nifty.
Moreover FIIs also created net short positions in the Index Futures’ and Stock Futures’ segment during the last week
Vedanta shares fell as much as 7.6 percent after the stock adjusted for interim dividend announced last week.
The metal company said the board of directors, on March 13, had approved the first interim dividend of Rs 21.20 per share i.e. 2120 percent on face value of Re 1 per share for the financial year 2017-18.
The rupee depreciated further by 4 paise to hit its four-month low of 65.21 against the US dollar on some dollar-buying by importers and banks and weakness in the domestic equity market.
The greenback's gains against major global currencies ahead of the US Federal Reserve's key policy meet that kicks off later in the day, in which it is expected to hike interest rates, weighed on the domestic unit, dealers said.
Yesterday, the rupee slipped 23 paise to close at 65.17 against the dollar due to concerns over a widening current account deficit.
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