Benchmark indices Sensex and Nifty pared their losses on October 28 due to various reasons, including value buying.
At 11:58 am, the Sensex was down 489.77 points or 0.67% at 73,108.90, and the Nifty was down 105.95 points or 0.47% at 22,643.80. About 1,723 shares advanced, 1,980 shares declined, and 170 shares were unchanged.
Value buying emerged at lower levels as benchmarks fell up to 1.25% on October 28. Sensex rose 500 points from day's low while Nifty was near 22,650-mark.
Foreign portfolio investors bought a net Rs 4,240 crore of Indian equities on Tuesday, their largest daily purchase in nearly two months, according to provisional NSE data. Domestic institutional investors were net sellers, offloading shares worth Rs 1,250 crore.
Nifty needs to trade below 22,500 for any further bearishness to emerge in the market, said analysts.