Benchmark indices were trading lower during the afternoon on Monday dragged by IT, FMCG and pharma stocks.

Market opened on a negative note, tracking negative global cues. It slumped further in the first half. Indices managed to trim some of the intraday losses but were trading lower during the afternoon.

At 1 pm, the BSE Sensex was trading at 57,312.39, down 384.07 points or 0.67 per cent. It recorded an intraday high of 57,781.46 and a low of 57,155.03. The Nifty 50 was trading at 17,076.60, down 120.10 points or 0.7 per cent. It recorded an intraday high of 17,216.75 and a low of 17,034.65.

UPL, HDFC Bank, ICICI Bank, Hindalco and BPCL were the top gainers on the Nifty 50 while HCL Tech, Bajaj Finserv, IndusInd Bank, TCS and Tata Consumer were the top losers.

Concerns related to the Omicron variant of the coronavirus continue to impact investor sentiments. Investors are awaiting the outcome of the RBI monetary policy meet later this week.

On the sectoral front, PSU Bank and realty gained focus while IT, pharma, FMCG, oil & gas and auto dragged.

Nifty PSU Bank was up 0.52 per cent while Nifty Realty was up 0.49 per cent.

Meanwhile Nifty IT was down 1.89 per cent. Nifty Pharma and Nifty Healthcare Index were down 0.86 per cent and 0.65 per cent, respectively. Nifty FMCG and Nifty Consumer Durables was down 0.84 per cent and 0.42 per cent, respectively. Nifty Auto was down 0.48 per cent while NIfty Oil & Gas was down 0.55 per cent.

Broader indices

Broader market also faced selling pressure,

Nifty Midcap 50 was up 0.10 per cent while Nifty Smallcap 50 was down 0.50 per cent. The S&P BSE Midcap was down 0.11 per cent while the S&P BSE Smallcap was down 0.18 per cent.

The volatility index rose 2.77 per cent to 18,97.