Key barometers further pared losses in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 151.34 points or 0.39% at 38,915.99. The Nifty 50 index was down 53.15 points or 0.45% at 11,701.50. The Nifty regained 11,700 mark in early afternoon trade after slipping below that level in morning trade.

Shares opened lower and extended losses as the session progressed. After hitting an intraday low in morning trade, key indices pared losses in mid-morning trade. The undertone of the market was fragile amid mixed Asian cues.

Broader market continued to trade under pressure. Among secondary barometers, the BSE Mid-Cap index was down 1.25%. The BSE Small-Cap index was down 1.22%.

The market breadth, indicating the overall health of the market, was weak. On BSE, 618 shares rose and 1623 shares fell. A total of 141 shares were unchanged.

Most IT shares advanced. HCL Technologies (up 3.36%), Infosys (up 1.68%), MphasiS (up 1.20%), Wipro (up 0.87%), Tech Mahindra (up 0.79%), TCS (up 0.39%) and MindTree (up 0.38%), edged higher. Oracle Financial Services Software (down 0.83%), Hexaware Technologies (down 1.18%) and Persistent Systems (down 1.27%), edged lower.

Most pharmaceutical shares declined. Piramal Enterprises (down 3.51%), Wockhardt (down 3.29%), Sun Pharmaceutical Industries (down 1.86%), Cadila Healthcare (down 1.8%), Aurobindo Pharma (down 1.28%), IPCA Laboratories (down 1.12%), Cipla (down 0.8%), Strides Shasun (down 0.75%), GlaxoSmithKline Pharmaceuticals (down 0.64%), Alkem Laboratories (down 0.57%) and Lupin (down 0.44%), edged lower. Divi's Laboratories (up 0.20%), Glenmark Pharmaceuticals (up 0.71%) and Dr Reddy's Laboratories (up 1.39%), edged higher.

Domestic financial market will remain closed on Wednesday, 1 May 2019, on account of Maharashtra Day.

Overseas, Asian shares were mixed as China's manufacturing sector grew slower than expected in April, according to data released on Tuesday. Meanwhile, trade negotiations between the US and China are set to resume in Beijing later in the day.

The Caixin/Markit factory Purchasing Managers' Index for April was 50.2. The reading for March was 50.8. The private PMI survey came after China's National Bureau of Statistics released official manufacturing PMI for April, which came in at 50.1. PMI readings above 50 indicate expansion, while those below that signal contraction.

In US, all three major stock indices ended higher on Monday as the latest data showed softer core inflation in March while consumer spending jumped.

US consumer spending rose 0.9% in March from the prior month after a 0.1% February increase, according to a Commerce Department report Monday. The closely followed core PCE inflation was flat in March, knocking the yearly rate down to 1.6% from 1.7%. Personal incomes, meanwhile, increased 0.1% in March.

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