Breaking an eight-day winning streak, key Indian equity indices on Tuesday succumbed to heavy selling pressure and closed in the negative territory after trading on a volatile note during the entire day.

Market observers pointed out that heavy selling pressure in index heavyweights like NTPC, Infosys and Tata Motors, along with caution ahead of GDP data announcement and derivatives expiry on November 30 (Thursday), dragged down the equity indices.

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On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) fell by 29.30 points or 0.28 per cent to 10,370.25 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,618.59 points — down 105.85 points or 0.31 per cent — from its Monday’s close.

However, the BSE market breadth was slightly bullish — 1,386 advances and 1,341 declines.

“Markets ended lower on Tuesday after eight consecutive sessions of gains. It was a volatile session that saw the Nifty crossing the 10,400 levels during the day before selling pressure pulled the index lower into negative territory,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

“The slide was led by heavyweights like NTPC, ONGC and Infosys. Broad market indices like the BSE mid-cap and small-cap indices ended with gains, thereby outperforming the main indices,” Jasani added.

The S&P BSE mid-cap index closed higher by 0.10 per cent and the small-cap index by 0.27 per cent.

“With investors now focused on September-quarter GDP data due on Thursday, which is also the day of market expiry, we are expecting heavy volatile trade sessions,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

Vinod Nair, Head of Research, Geojit Financial Services, said: “PSU banks underperformed on account of profit booking after the recapitalisation led rally. But broadly the downside is protected as global cues are positive and the rupee continued to stay on the positive side.”

On the currency front, the rupee strengthened by 11 paise to close at 64.41-42 against the US dollar from its previous close at 64.50-51.

Sector-wise, the S&P BSE consumer durables index declined by 196.93 points, followed by banking index by 72.66 points and IT index by 60.23 points.

On the other hand, the S&P BSE auto index was up 10.77 points, FMCG index by 9.88 points and consumer discretionary goods and services index by 8.65 points.

Major Sensex gainers on Tuesday were: Maruti Suzuki, up 1.48 per cent at Rs 8,633; HDFC, up 1.03 per cent at Rs 1,728.90; Coal India, up 1.03 per cent at Rs 274.65; Asian Paints, up 1.01 per cent at Rs 1,169.95; and Bajaj Auto, up 0.68 per cent at Rs 3,294.70.

Major Sensex losers were: NTPC, down 1.88 per cent at Rs 182.55; Bharti Airtel, down 1.56 per cent at Rs 490.40; Infosys, down 1.30 per cent at Rs 984.50; Tata Motors, down 1.23 per cent at Rs 415.95; and Sun Pharma, down 1.19 per cent at Rs 543.70.