Equity benchmarks as well as broader markets continued to consolidate for the second consecutive session today, especially after a 2.6 percent rally in previous week.
The 30-share BSE Sensex declined 37.63 points to 27709.03 and the 50-share NSE Nifty fell 9.65 points to 8499.05.
With real sovereign yields high in Asia and emerging markets (EM), there is room for equity outperformance, says Sean Darby of Jefferies. He remains overweight on EMs and is mildly bullish on India.
Tata Motors was the leading gainer, up 1.4 percent followed by TCS, Sun Pharma, Lupin and ONGC while ITC, HDFC, HDFC Bank, SBI, Hero Motocorp and BHEL slipped over half a percent. HUL remained down 2 percent post Q1 earnings.