After opening firm, both indices came under pressure as Asian markets declined considerably from their early gains. The Japanese Nikkei has given up more than 1.5 per cent while Kospi of South Korea is trading nearly 2 per cent lower.
The Sensex saw a new intra-day lifetime high of 10192 before declining. The index dropped more than 150 points from the highs of the day at one point before staging a marginal recovery. The index is trading lower by 7 points at 10079 at 01.10 PM.
The Nifty also declined substantially from the early highs around noon and is trading at 3007, lower by 10 points.
Bajaj Auto is holding on to its early gains and is now trading 4 per cent higher. There is market speculation that the company would announce the de-merger of its investment division sooner than expected.
Nalco has given up part of its early gains and is now trading with gains of more than 2.5 per cent.
HLL has also come down from its early highs and is trading with gains of over 3 per cent. After the company announced excellent results yesterday, many leading brokerages have upgraded the stock.
MTNL has also given up part of its gains and is now trading nearly 1.5 per cent higher.
ITC has added to its early gains as the HLL results have revived interest in the FMCG sector. ITC is trading more than 2 per cent higher.
HPCL, Dabur and Wipro are the other major gainers among large stocks.
ONGC has lost 2.5 per cent and is exerting considerable pressure on the indices, especially the Nifty. Reliance Industries has also given up more than 1.5 per cent.
HDFC has given up more than 2.5 per cent while PNB has declined close to 1.5 per cent.
Tata Tea is still trading weak and is now down nearly 2.5 per cent.
HCL Tech has recovered part of the early losses and is now trading more than 1.5 per cent.
L&T saw a sharp sell-off around noon and the stock gave up more than 3 per cent. It is now trading more than 1.5 per cent lower.
M&M, Glaxo and Reliance Energy are among the other losers.
ENI, the company which operates the radio channel 'Radio Mirchi' and a new entrant on the exchanges today, is now trading at Rs267.
Tea stocks are subdued today after more than a week of incredible gains.
South East Asia Marine, Rajvir Industries, 3M India and Vishesh Info are among the major gainers in mid-caps.
*Disclaimer:The author may have positions in some of the stocks specifically mentioned above at the time of writing this article. This analysis / report is only for the purpose of information and is not an investment advice. Readers are advised to consult a certified financial advisor before taking any investment decisions. While efforts have been made to ensure the accuracy of the information provided in the content the author or publisher shall not be held responsible for any loss caused to any person whatsoever.