Benchmark indices Sensex and Nifty fell significantly from day's high to trade in the red due to various reasons on October 12, including profit booking.
At 9:53 am, the Sensex was down 206.11 points or 0.28% at 72,266.22, and the Nifty was down 31.1 points or 0.14% at 22,489.35. About 2,284 shares advanced, 1,159 shares declined, and 207 shares were unchanged.
On the sectoral front, Nifty IT was among the top laggards, down 0.5%. While most of the index constituents were in the red, losses in Tech Mahindra weighed the most. Tech Mahindra lost over 4% and Mphasis more than 1%. Further, the downward move in the index came after the sectoral index closed 3% higher in the previous session. Tata Consultancy Services was flat in the first hour of trade.
Stocks in the financial sector struggled, with the Nifty Bank, Nifty Private Bank, and Nifty PSU Bank in the red. In the key banking index, HDFC Bank and AU Small Finance Bank were the only ones trading higher. Axis Bank, ICICI Bank, and State Bank of India were down around 1% each.
Among key movers was DMart operator Avenue Supermarts. The stock was down almost 4% in early trade after it reported a weak set of earnings for the September quarter. The company's profit and earnings before interest, tax, depreciation, and amortisation had also come in lower than estimates. Analysts were wary of the company's growth trajectory and several of them trimmed their earnings estimates. The stock was under pressure for the third consecutive session.