Indian benchmarks continued to extend losses during the noon trading session tracking the weakness in the Asian markets. Banking stocks remained under pressure, with PSU banks falling over 1 percent and private banks also trading lower, while IT stocks edged down.
Overseas, European stocks are seen opening higher on Tuesday, after reports suggested that U.S. President Donald Trump and his national security team are skeptical of Iran's offer of a deal to reopen the Strait of Hormuz and end the two-month war, while setting aside nuclear negotiations for later.
Meanwhile, Brent crude was trading 1.24 per cent higher at $109.6 per barrel as the crucial waterway, the Strait of Hormuz, remained shut while the US examined Iran’s proposal to end the war, contingent on Washington ending the blockade.
On the corporate front, Nippon Life India Asset Management rose over 5 percent among midcaps, while Glenmark Pharma and Oil India gained over 3 percent while Thermax and Ola Electric declined nearly 3 percent each.
At 12:34 hours, the 30-share benchmark index was trading at 76956.76 down by -346.87 points or by -0.45 % and then NSE Nifty was at 24036 down by -56.7 points or by -0.24 %.
Sensex touched intraday high of 77493.53 and intraday low of 76876.86 The NSE Nifty touched intraday high of 24181.8 and intraday low of 23999.25.
The top gainers of the BSE Sensex pack were Tata Steel Ltd. (Rs. 216.60,+1.45%), Reliance Industries Ltd. (Rs. 1380.20,+1.04%), Kotak Mahindra Bank Ltd. (Rs. 380.20,+0.88%), Bharti Airtel Ltd. (Rs. 1833.30,+0.76%), Sun Pharmaceutical Industries Ltd. (Rs. 1745.35,+0.67%), among others.
Whereas, top losers of the BSE Sensex pack were Eternal Ltd. (Rs. 246.50,-3.56%), InterGlobe Aviation Ltd. (Rs. 4452.55,-2.43%), Axis Bank Ltd. (Rs. 1292.95,-2.38%), HCL Technologies Ltd. (Rs. 1202.10,-2.16%), State Bank of India (Rs. 1095.00,-1.51%), among others.
Among the sectors, BSE Oil&Gas index was at 27648.18 up by 219.85 points or by 0.8%. Oil India Ltd. (Rs. 495.75,+4.15%), Oil And Natural Gas Corporation Ltd. (Rs. 297.35,+4.02%), Adani Total Gas Ltd. (Rs. 645.50,+1.48%), Indraprastha Gas Ltd. (Rs. 166.80,+1.15%), Reliance Industries Ltd. (Rs. 1380.20,+1.04%),.
On the other side, Bankex index was at 62711.48 down by -671.88 points or by -1.06%. Union Bank of India (Rs. 170.15,-3.38%), Canara Bank (Rs. 137.15,-2.38%), Axis Bank Ltd. (Rs. 1292.95,-2.38%), IDFC First Bank Ltd. (Rs. 68.83,-2.09%), Punjab National Bank (Rs. 111.90,-1.76%),.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 4419 , shares advanced were 1976 while 2239 shares declined and 204 were unchanged.