The BSE Sensex saw a significant decline, losing over 600 points from its highest point of the day, while the NSE Nifty also lost momentum after encountering resistance at 24,350.
As of 1:30 PM, the Sensex was up 746 points or 0.9 percent at 79,863, and the Nifty rose 262 points to 24,169.
Despite initially rising by 350 points, the Nifty struggled to maintain its gains due to selling pressure in the resistance zone.
In an interview with CNBC TV18, market expert Manish Sonthalia highlighted the ongoing challenges for the Indian market.
He expressed concerns that the Nifty could potentially decline to 22,000, as average earnings growth is projected to be only 12 percent between FY25 and FY26.