MUMBAI: Profit booking intensified in the benchmarks on Tuesday as sentiments in global markets turned bearish on concerns of global economic crisis. All the sectoral indices were in the red with metals, oil&gas and banks in the lead.

“The Nifty is moving in an upward moving channel where the supports have moved up higher in 5220-5230 levels. The price target as projected by the inverse Head & Shoulder and the broader channel height is around 5500-5600. Intraday supports may exist around 5300 while 5400 would be immediate resistance to negotiate.

“Going further positive price action is likely to continue with LT, Reliance, Idea and ADAG group stocks. GAIL, REC and PFC appear continue to appear good trend plays on the long side,” said Edelweiss report.

At 12:10 pm, National Stock Exchange’s Nifty was at 5265.60, down 67.90 points or 1.27 per cent. The index touched a high of 5334.15 and low of 5265.40 in trade so far.

Bombay Stock Exchange’s Sensex was at 17590.15, down 184.11 points or 1.04 per cent. The index touched intraday high of 17777.95 and low of 17578.83

BSE Midcap Index was down 0.27 per cent and BSE Smallcap Index moved 0.15 per cent lower.

Amongst the sectoral indices BSE Metal Index was down 2.03 per cent, BSE Oil&gas Index declined 1.15 per cent and BSE Bankex moved 0.98 per cent lower.

Hindalco (-4.85%), Tata Steel (-3.16%), SAIL (-3.07%), Reliance Capital (-2.93%) and Jaiprakash Associates (-2.66%) led the Nifty decline.

L&T (0.11%) was the only Nifty gainer.