Market sinks in negative zone

Volatility ruled the roost as the key indices erased intraday gains to sink in negative zone in afternoon trade. At 13:25 IST, the barometer index, the S&P BSE Sensex, was down 176.97 points or 0.45% at 39,175.70. The Nifty 50 index was down 63.65 points or 0.54% at 11,764.60. IT stocks fell.

Key indices nudged higher in early trade on buying demand in index pivotals with the Sensex and the Nifty, both, scaling record high. A bout of volatility was seen in morning trade as stocks regained strength soon after trimming gains. Stocks hovered in positive zone in mid-morning trade. Local stocks trimmed gains in early afternoon trade.

The S&P BSE Mid-Cap index was off 0.81%. The S&P BSE Small-Cap index was off 0.61%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 858 shares rose and 1527 shares fell. A total of 143 shares were unchanged.

Tata Motors (down 6.24%), Tata Steel (down 2.29%), Bharti Airtel (down 1.93%) edged lower from the Sensex pack.

IT stocks fell. TCS (down 1.06%), Infosys (down 1.7%), Wipro (down 0.98%), HCL Technologies (down 0.53%), Oracle Financial Services Software (down 0.93%), Tech Mahindra (down 0.91%), MindTree (down 0.01%) and Mphasis (down 0.74%) declined. Hexaware Technologies (up 1.04%) rose.

Overseas, most Asian shares were trading higher after Washington temporarily eased trade restrictions imposed last week on China's Huawei, although fears of a further escalation in tensions kept investors on edge.

US stocks fell on Monday as the White House's restrictions on Chinese telecoms equipment maker Huawei Technologies Co weighed on the technology sector and raised concerns that the move would further inflame trade tensions between the United States and China.

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