The BSE benchmark Sensex pared some of its initial losses on bouts of buying and selling, but was still down 59 points in late-morning trade following weak global cues, which soured sentiment.
Selling took hold in FMCG, metal, IT and technology sectors, while capital goods, banking, auto and realty stocks saw buying.
The BSE Sensex resumed lower at 26,107.98 and hovered in a range of 26,148.39 and 25,972.54 before quoting at 26,159.96 at 11.28am, down 58.95 points, or 0.22%, from its last Friday’s close.
The 50-share Nifty was also down 17.70 points, or 0.22%, at 7,964.20 at 11.28am.
The major decliner was HDFC (down 1.43%), followed by Reliance, DRL and Cipla.
Tata Motors gained 1.40% followed by Axis Bank, Maruti and L&T.
Meanwhile, foreign portfolio investors (FPIs) net bought shares worth Rs643.51 crore last Friday, as per provisional data released by the stock exchanges.
Overseas, Asian markets were trading lower in early trade,tracking an uninspiring lead from the Wall Street as the US Fed’s decision to keep interest rates near zero stoked concerns about global growth.