Mumbai: Broadly negative Asian markets and profit booking pushed the key equity indices in the red during the afternoon session of the trade on Monday.
Except for IT, selling pressure was witnessed in almost all the counters led by the oil and gas stocks. Consumer durables, banking and finance stocks also traded lower.
The investor sentiments were also weighed down ahead of the release of the key macro-economic data (PMI service data) and a declining rupee.
The domestic currency was trading 59 paise lower, at 73.03 to a US dollar, from its Friday close of 72.44.
"The decline in the domestic currency is because of the US dollar, which is stronger as the their economy is doing well. As far as markets are concerned, the volatility is expected to continue. It is trading in a tight range and will continue for few months," Astha Jain, Senior Analyst, Hem Securities, told IANS.
In addition, the benchmark Brent crude was below the $73 a barrel.
At 1.52 p.m., the S&P BSE Sensex traded 153.62 lower at 34,858.03 from its previous close of 35,011.65.
The benchmark index touched a high of 35,123.41 and a low of 34,811.91 while the NSE's Nifty was trading 61.45 points lower at 10,491.55.
The State Bank of India, ahead of its second quarterly result due on Monday, traded 5.20 per cent higher at Rs 290.65 apiece.