The Nifty and Sensex extended losses for the second trading session in a row on June 24 as investors rushed to book profit. Barring FMCG, all sectoral indices were trading lower while Metal and Bank stocks tanked the most.
At about 9:25 am, the Sensex was down 0.5 percent at 76,849 and the Nifty was down 0.54 percent at 23,375. About 1,345 shares advanced, 1,298 shares declined, and 141 shares unchanged.
"By and large the market is getting into a consolidation phase at this point of time and we expect the Nifty to be in the range of 22,000 to 23,500," Kranthi Bathini, director of equity research at WealthMills Securities, told Moneycontrol.
"Nonetheless, the medium-term market structure remains positive. We expect weak sentiment as long as the market is trading below 23,700 and 77,800, and anticipate a retest of 23, 400, and 76,700 levels," said Shrikant Chouhan, head of equity research at Kotak Securities.
Of the 13 sectoral indices, only the FMCG index index was trading in the green with ITC and Hindustan Unilever being the leaders. The Metal and Realty index was the worst hit, data showed.
The broader market, which includes midcaps and small-caps, also slipped and was trading at 0.7 and 0.1 percent lower, respectively. Experts suggest that SEBI's probe on Quant Mutual Fund's front-running case can likely be a cause for the dip in addition to selling pressure.
The fear gauge, India VIX, also surged 5 percent to be at around the 14 level on June 24.
Sun Pharma, Wipro, ITC, ICICI Bank, and Hindustan Unilever were the top performers on the Nifty. Cipla, IndusInd Bank, Tata Steel, Bajaj Finance, and SBI were the laggards.
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