According to experts, markets were due for correction. "The markets have rallied, while the economy remains weak. We cam expect further correction," said Andrew Holland, CEO, Ambit Investment Advisors. On Monday, the Sensex closed at its lifetime high of 21934.83 points, while Nifty closed at its lifetime high of 6537.25.
Among sectoral indices, the BSE Metal (-2.64%), BSE Healthcare (-0.12%) and BSE Oil & Gas (-0.30%) were the major losers. Among individual stocks, Tata Steel Ltd (-5.52%), Sesa Sterlite Ltd (-3.63%) and Hindalco (-3.69%) were the major losers.
Meanwhile, most Asian indices were trading higher. The Nikkei (0.69%), Hang Seng (0.02%), Kospi (0.48%), Straits Times (0.09%) and Shanghai Composite (0.10%) were trading in the green.
Among European indices, CAC (-0.35%) and FTSE (-0.27%) were trading in the red. Meanwhile, DAX (0.29%) was trading in the green at 5.00 pm IST.
Back home, the trade deficit for February narrowed to $8.1 billion, even as exports declined 3.67% y-o-y to $25,69 billion. "The fall in exports indicate that economy is slowing down a bit," Holland added.