Sensex trades in red, Nifty below 8,950; Tata Steel top loser

The benchmark indices on Tuesday continued to trade lower after rising about 0.7% in the previous session, as recent outperformers such as banks were hit by profit-taking with analysts warning markets could head for a phase of consolidation this week. At 01:22 pm, the S&P BSE Sensex was trading at 28,984, down 64 points, while the broader Nifty50 was ruling at 8,941, down 22 points. The Nifty has been hovering below its key psychological level of 9,000 this month but has been unable to break above it. In the broader market, the BSE Midcap index outperformed the frontline indices, while BSE Smallcap was little changed. Nifty Trading Tips

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,506 shares declined and 1,026 shares rose. A total of 143 shares were unchanged. The direction of markets will likely hinge on the results of the elections in Uttar Pradesh, due on Saturday, which will have a key influence on Prime Minister Narendra Modi's chances of clinching a second term in 2019. Future & Option Trading Tips

Meanwhile, investors also await the US Federal Reserve meeting next week, where it is widely expected to raise interest rates.Tata Steel was the top loser on Sensex and lost over 2% to Rs 483.

Financial stocks fell, led by Axis Bank and Yes Bank. Both were down more than 1%.Banks have been among the top gainers this year after a ban on high-value currency notes late last year led to a surge in deposits. Financial Astrology Tips