Sensex, Nifty remain lower; Bank Nifty down 1.6%, IT up

The market continues to be under pressure mostly dragged by banks. The Sensex is down 189.30 points or 0.7 percent at 26093.79 and the Nifty slips 59.30 points or 0.7 percent at 7912. 

About 666 shares have advanced, 1427 shares declined, and 67 shares are unchanged.

HDFC, Lupin, Axis Bank, Bharti Airtel and Hindalco are among major laggards while IT stocks are up on rising rupee. Sun Pharma, Infosys, TCS, ONGC and NTPC are top gainers in the Sensex.

Oil prices fell 3 percent in Asian trade, with investors covering short positions and taking profits after Brent and US crude soared more than 8 percent in the previous session. 

Both Brent and US crude prices dropped nearly USD 2 a barrel shortly after trading in Brent started on Tuesday before recovering later in the session.

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Posted in: Indian Market Tips