Despite a rally in PSU bank stocks, profit booking pulled India's benchmark equity indices in the red for the second consecutive session on Wednesday. Rising bond yields, a sign of confidence in the economic outlook and subsequent expectations on rise in inflation, are weighing on sentiment. However, broader markets bucked the trend and ended higher. Globally, European stock markets fell at the start of trading today following losses across much of Asia. Among sectors, PSU banks, and media gained the most, while pharma, IT, realty fell the most. The S&P BSE Sensex closed at 51,703.83, lower by 400.34 points, or 0.77 per cent, from its previous close of 52,104.17 points. The Nifty50 on the National Stock Exchange closed at 15,208.90, higher by 104.55 points, or 0.68 per cent. "Nifty formed lower top lower bottom formation on Feb 17 after the recent rise, raising concerns about the rally getting tired," said HDFC Securities' Retail Research Head Deepak Jasani. "However, an equal advance decline ratio on a negative day means that some bottom fishing has happened in stocks that have corrected over the last few days. 15,112-15,170 could be the next support band for Nifty. On rise, 15,340 could act as a resistance." Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, said: "PSU banks continued rally on the privatisation buzz. Telecom equipment makers rally after Cabinet approves PLI scheme worth Rs12,195 cr for the telecom and networking products." "Now, VIX (India Volatility Index) needs to cool down and hold below 20 zones for continuation in the ongoing momentum with a higher market base. Nifty valuations at 21.3x FY22 EPS are not inexpensive anymore and demand consistent earnings delivery ahead." Vinod Nair, Head of Research at Geojit Financial Services, said: "The Indian market opened low replicating the weak global trend due to rising bond yield and inflation." "PSU Banks which were in the limelight on reports of privatisation continued to ride its uptrend. Mid and small-cap stocks remained firm and outperformed the benchmark indices."