Major indices of the Indian stock market, Sensex and Nifty, witnessed volatile trade on Tuesday with negative bias due to heavy selling pressure in IT and banking stocks. The 30 stock S&P BSE Sensex was trading at 58,736.90 at 11.57 am, down 36.97 points or 0.06 per cent from the previous day’s 58,773.87 mark. Earlier, the Sensex started the day in the red at 58,205.97 points and fell as low as 58,172.48 in the morning session. Within an hour of opening of business, the market turned positive and the benchmark Sensex climbed above the 59,000 mark. The Sensex reached a high of 59,068.25 points. Major indices of the Indian stock market are under selling pressure for the third consecutive trading session. On Monday, the Sensex had fallen 872.28 points, or 1.46 per cent. The broader Nifty 50 of the National Stock Exchange was trading at 17,471.10, down 19.60 points or 0.11 per cent from its previous day’s close of 17,490.70. On Monday, the Nifty had lost 267.75 points, or 1.51 per cent. There was heavy selling pressure in IT and banking stocks. Infosys closed at Rs 1,537.85, down 2.39 per cent. Tech Mahindra closed at Rs 1,055.25, down 2.16 per cent. TCS closed 2.13 per cent lower at Rs 3,282.90. HCL Technologies, Wipro, IndusInd Bank, Axis Bank, HDFC Bank, Hindustan Unilever and HDFC were among the major Sensex losers.