Indian stock markets have reversed their directions and fell into the negative terrain.

The Sensex lost 111 points to trade at 19,479 and the Nifty dipped 37 points to 5,848.

Indian bourses have been consolidating over the last 3-4 trading sessions after the sharp up move, which witnessed the benchmark indices surging 10% over 10 days.

Market analysts stated that there is little headway for the markets on the upper side from these levels.

According to Ambareesh Baliga of Way2Wealth, "The stock markets are towards the end of the rally seen during the past 2-3 weeks. There are no data points for the markets to shoot above these levels."

"Investors have to be watchful as the markets got into a euphoric stage because small caps and mid-caps are moving too fast. The Nifty is expected to head towards 5,700 levels," Somil Mehta of Sharekhan stated.

Among the sectoral indices, the realty scrips witnessed sharp decline with the BSE Realty index declining 1.6%. Indiabulls Real Estate fell 4% followed by HDIL, which slipped 3.5% and DLF lost 1.4%.

Auto stocks went down by 1.2%. TVS Motors dropped 2.7%.

Tata Motors slipped 2.2%. Bajaj Auto, Hero Honda, M&M and Maruti were ruling 1-2% down.

On the 30-share index Sensex, only 5 scrips were ruling in the positive zone.

Bharti remained on top, gaining 1.8%. ITC, HUL, Sterlite and HDFC Bank were in the green. JP Associates and Wipro declined 2-2.5%.

Shilpi Cable Tech had a sturdy opening today but the scrip saw selling pressure and was ruling 1% down.

Asian markets gained neglecting another strong tremor in Japan. The Nikkei 225 in Japan was ruling 2% up. The Hang Seng and South Korea's Kospi surged over 0.5%.