After a smart rally yesterday, the market turned bearish with the BSE benchmark Sensex slipping down 49 points in late morning trade today due to profit booking by investors amid mixed Asian trend.

At 1015 hours, the 30-share barometer was quoted lower at 16,800.31, a fall of 49.29 points from its previous close.

The broader 50-share Nifty of the National Stock Exchange also was down 16.20 points or 0.32 per cent at 4,987.75 at the same time.

The market had surged by 409 points yesterday on hectic buying support triggered firm global cues.

Brokers said the market is expected to remain range-bound ahead of the release of IIP data for September 2009 by the government later during the day.

IT stocks, however, surged for the second consecutive day with Infosys Technologies rising by another 1.18 per cent, Wipro by 1.41 per cent and TCS by 1.37 per cent.

The BSE midcap and smallcap stocks also attracted some buying support with their respective indices trading in the green during late morning trade.

Japan’s benchmark Nikkei-225 index rose 49.73 points, or 0.50 per cent, to 9,921.41 in early trade

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