Mumbai: The BSE benchmark Sensex dropped by 47 points in the late morning trade due to selling mainly in metal, banking, IT and capital goods sectors in view of weakness in the global market in spite of good capital inflows from foreign funds.
The BSE benchmark Sensex resumed lower at 19,987.28 and hovered in a range of 20,008.83 and 19,938.94 before quoting at 19,958.17 at 1030hrs, showing a net loss of 46.83 points, or 0.23 percent, from its last close.
The NSE 50-share Nifty also moved down by 6.60 points, or 0.14 percent, to 6,047.15 at 1030hrs.
Major losers were Reliance Ind (1.31 percent), Tata Power (1.11 percent), Tata Motors (1.00 percent), HUL (0.83 p), Sterlite Ind (0.83 percent) and ICICI Bank (0.80 percent).
The market may remain volatile in view of expiry of January 2013 F&O contracts today.
Foreign institutional investors (FIIs) bought shares worth Rs 906.36 crore yesterday as per provisional data from the stock exchanges.
Asian stocks declined in the early trade after the US Federal Reserve said after the conclusion of a two-day meeting on US interest rates yesterday that US economic activity has paused in recent months after data showed a surprise economic contraction in US economy in the fourth quarter ending December 2012.
Key benchmark indices in Taiwan, Japan, South Korea, Hong Kong and Singapore were down by 0.13 percent to 0.61 percent while China's Shanghai Composite rose 0.1 percent.