Mumbai, Jan 6 The Indian stock market turned red in the afternoon trading session on Monday after opening in the green.
Both the benchmark indices fell by more than 1 per cent.
All sectoral indices were trading in the red. Nifty PSU Bank was trading in the red with a decline of more than 3 per cent.
Auto, metal, reality and media sectors were down by more than 2 per cent.
At around 12:00 pm, the Sensex was trading at 77,979.54 after declining 1,243.57 points or 1.57 per cent, while Nifty was trading at 23,607.35 after declining 397.40 points or 1.66 per cent.
On the National Stock Exchange (NSE), 291 stocks were trading in the green, while 2,221 stocks were in the red.
Nifty Bank was down 930.85 points or 1.83 per cent at 50,057.95.
Nifty Midcap 100 index was trading at 56,604.75 after dropping 1,326.30 points or 2.29 per cent.
Nifty Smallcap 100 index was at 18,552.30 after declining 481.40 points or 2.53 per cent.
In the Sensex pack, Tata Steel, Kotak Mahindra Bank, Asian Paints, Power Grid, NTPC, M&M, Ultra Tech Cement, IndusInd Bank, Zomato, Maruti Suzuki, HDFC Bank, Reliance and Nestle India were the top losers.
According to experts, the market is likely to be influenced by the negative factors impacting FII flows and some positive domestic factors which can support the market.
"The external macro construct continues to be unfavourable with the dollar index at 109 and the 10-year US bond yield at 4.62 per cent. The FIIs are likely to continue selling till the yields decline and the dollar stabilises," they noted.
Foreign Institutional Investors (FIIs) sold equities worth Rs 4,227.25 crore on January 3 and domestic institutional investors bought equities worth Rs 820.60 crore on the same day.
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