Profit booking and caution over the ongoing quarterly results season subdued Indian equity markets during the mid-afternoon trade session on Wednesday.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) fell by 18.75 points or 0.22 per cent to 8,659.15 points.
The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,112.36 points, traded at 27,996.22 points (at 1.45 p.m.) -- down 54.66 points or 0.19 per cent from the previous close at 28,050.88 points.
The Sensex has so far touched a high of 28,131.07 points and a low of 27,926.17 points during the intra-day trade.
The BSE market breadth was tilted in favour of the bulls -- with 1,521 advances and 1,132 declines.
On Tuesday, the equity markets made substantial gains on the back of bargain hunting, positive global indices and fresh inflow of foreign funds.
The barometer index had gained 520.91 points or 1.89 per cent to 28,050.88 points, while the NSE Nifty edged higher by 157.50 points or 1.85 per cent to 8,677.90 points.
"Profit booking after yesterday's steep rise dragged the key indices lower," Anand James, Chief Market Strategist at Geojit BNP Paribas Financial Services, told IANS.
"However, value buying at lower levels have mitigated the impact of fall."
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls: "Bank Nifty traded down due to profit booking, whereas, IT and pharma stocks witnessed recovery from lower levels."
"Recovery in USD/INR futures has pressurised the Nifty price movement."