Gains from the corporate tax cut last month, they believe, are likely to be offset by lower sales volume and revenue contraction in key sectors such as automobiles, energy, metals, and mining.
Currently, the 100-DMA is witnessing resistance as the price could not procure follow-up buying.
Nifty IT index was up 1.1% as compared to 1.5% decline in the benchmark Nifty50 index at 01:33 pm.