Stock markets, which made a sharp recovery on Monday, turned cautious on Tuesday and fell 50.13 points in late morning trade due to deepening political backlash between government and its key ally the Left Front.
The Bombay Stock Exchange's 30-share index, Sensex, rose by over 106 points to touch a high of 14,534.51 over Tuesday's close of 14,427.55. However, it fell back to 14,377.42 at 10.30 am, down by 50.13 points from previous close.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) was also quoted down by 13.75 points, or 0.33 per cent, at 4,195.30 from previous close of 4,209.05.
Attributing the firm start to encouraging global trend, market players said investors seemed unwilling to make any fresh commitments in the light of a political stalemate arising from the UPA-Left impasse on the nuclear deal.
All the indices on the BSE lost their initial gains and were marginally down after a promosing beginning.