Across the board selling activity was witnessed in Indian stocks after a sharp rally on Monday. All the sectoral indices were trading in the negative zone with metals, real estate and power topping the list.

At 12:10 pm, Bombay Stock Exchange's Sensex stood at 17140.67, down 189.88 points after hitting an intra-day high 17379.15 and an intra-day low of 17123.64.

National Stock Exchange's Nifty lost 57 points to trade at 5136.60 after touching an intra-day high of 5206.70 and an intra-day low of 5128.75.

But, market analysts turned upbeat on the stock market after yesterday's rally.

According to Reliance Money report, "The daily candle stick chart formed a "Bullish Belt Hold Line" on the Nifty where the opening and the day's lows were equal. The bullish candle also engulfed the last three hammer patterns formed on the daily chart, thus indicating a strong bullish signal. The daily chart pattern indicates that the Nifty has made an intermediate bottom of 4984 and fresh upward journey has started, which is expected to take the Nifty to its recent high of 5400."

The BSE Midcap Index declined 0.62% and the BSE Smallcap Index fell 0.27%.

Amongst sectoral indices, BSE Metal Index slipped 2.29%, BSE Realty Index fell 2.22% and BSE Power Index remained down by 1.43%.

The top Sensex losers comprised Reliance Infra (-3.30%), DLF (-3.06%), Sterlite Ind (-2.72%), Hindalco (-2.71%) and Bharti Airtel (-2.50%).

M&M (0.60%) and Hero Honda (0.06%) remained the only index gainers.

Market breadth was pessimistic as it witnessed 479 progressions as against 810 declinations. (With Inputs from Agencies)