The market is shedding its gains and the Sensex is off the day's high. The Sensex is currently trading at 19,676, down 161 points while Nifty is at 5843, down 56 points from the previous close. The market breadth is negative with advances at 329 against declines of 858 on the NSE

At 20000, the market was overvalued by 19 times so a market correction is healthy, says Amitabh Chakrobarthy, president of Religare Securities, on NDTV Profit. The market is likely to witness volatility but money will move from the A group to the midcaps, he adds.