The market is in a consolidation mode after recent gains. The rise in crude prices is also providing investors an excuse to sell.

Gains in U.S. stocks and a halt in the yen's rise are both supportive for the market,

Gains in U.S. stocks and a halt in the yen's rise are both supportive for the market.

The market took a breather as investors believed share prices surged too far, too fast in recent sessions. Most market participants were also taking to the sidelines before the release of US employment data later today.

The banking sector continued to undergo consolidation after their recent gains but the telecom sector is doing quite well following a rebound in European stocks last week.

Because the market was so hot, investors were buying everything. It was like a frenzy with prices going up so fast.