Indian shares pared losses in the afternoon session on Tuesday, on the back of a recovery in large caps such as Reliance Industries, ICICI Bank, Bajaj Finance and Axis Bank.

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At 12:20 pm, the benchmark BSE Sensex was down 27.90 points at 38,692.6, and the Nifty 50 was trading 16.30 points lower at 11,542.30. The Nifty Midcap 100 was trading higher by 0.19 percent while Nifty Smallcap 100 was was also trading higher by 0.37 percent.

Among the sectoral indices, Nifty Pharma was the best-performing index of the day, trading 2.80 percent higher while Nifty IT index was down by 1.16 percent.

Sun Pharma, Bajaj Finance, Indian Oil Corporation, Bajaj Finserv and UltraTech Cement were among the major stock gainers. Titan, UPL, Asian Paints, TCS and HCL Technologies were the top losers.

Shares of Titan Company fell over 14 percent on Tuesday, the biggest one-day fall since 2013, after its Q1 update indicated a muted growth for jewellery business on the back of higher gold prices. The sentiment was also hit after rating downgrades by Morgan Stanley and Credit Suisse.

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