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Analysts said since Nifty50 has been failing in its attempts, it is time to be cautious.

Coforge joined its peers reporting a strong set of numbers. It eventually ended up 7 per cent to Rs 4,690, but still remains below its 52-week highs at Rs 6,135

Net profit increased to Rs 2,131 crore, up from Rs 1,854 crore a year ago largely due to 18 per cent growth in advances on the back of a brisk 29 per cent growth in retail loans.

The 30-share pack Sensex declined 76.71 points or 0.13 per cent to close at 57,200.23. The index plunged 884 points from the day’s high. Its broader peer NSE Nifty50 declined 8.20 points or 0.05 per cent to 17,101.95.

A sharp sell-off in banks and auto stocks, with the negative global cues, dragged the markets lower.

Revenue from its chemicals business increased to Rs 1,181.78 crore during the quarter from Rs 795.73 crore in the year-ago period.

“The US market has to correct more. The issue is that if the US corrects more, does it make us also come down or up? I think it is quite reasonable to expect that we will outperform but will that outperformance mean that we are falling less or does it mean we can go up on our own.”

In the international market, gold was trading lower at USD 1,794 per ounce and silver was flat at USD 22.63 per ounce.

Its total income rose to Rs 649.97 crore, from Rs 517.91 crore a year ago.

“There are a couple of things that the Budget need not or should not compromise on – one is, of course, income support, it has to be very targeted to ensure that you get the biggest bang for your buck and the other is to keep the employment-intensive investments, infrastructure, housing and so forth going. This is how I see it.”