Equity indices in red, metals stocks fall

The key Indian equity indices declined on Tuesday, with heavy selling pressure on metal and finance stocks.

Healthy buying in IT stocks, however, limited the losses.

Around 11.20 a.m., Sensex was trading at 52,262.50, lower by 66.01 points or 0.13 per cent from its previous close of 52,328.51.

It opened at 52,428.72 and has so far touched an intra-day high of 52,432.43 and a low of 52,135.04 points.

The Nifty50 on the National Stock Exchange was trading at 15,727.80, lower by 23.85 points or 0.15 per cent from its previous close.

Manish Hathiramani, technical analyst with Deen Dayal Investments said: “The markets are seeing some selling pressure at higher levels which is normal. However, this does not alter the viewpoint that we are in bullish terrain and the markets are headed to higher levels. Since we are eyeing 16,000 as the next potential target, any dip or correction should be utilized to initiate long positions.”

The top gainers on the Sensex so far were Tech Mahindra, HCL Technologies and Infosys, while the major losers were State Bank of India, ICICI Bank and UltraTech Cement.