Presentation of weak quarterly results by the India's largest software exporter, Tata Consultancy Services took its toll on IT counters and as a result the benchmark Sensex was down by 39 points at 1030 hrs, despite better-than-expected performance by Reliance Industries Ltd (RIL).
Negative global cues also had a sentimental impact on the market sentiment, brokers said.
After opening lower, the Bombay Stock Exchange 30-share barometer moved in a range of 16,716.66 and 16,597.53 before being quoted at 16,700.40 at 1030 hrs, a fall of 38.93 points.
However, 50-issue Nifty of the National Stock Exchange was quoted stable at 5,036.30 at 1030 hrs from previous close of 5,037.00.
TCS results showed a slowdown in global demand for outsourcing, mainly impacting negatively on most of the IT counters.
However, excellent results by RIL could not able to stem the fall in share values.
According to brokers, the market might turn volatile in coming days ahead of the expiry of derivatives contract on April 24.