Continuing the uptrend over the last seven sessions, the markets opened with gains and the indices went on to touch new lifetime highs. Early gains in Reliance Industries helped the markets, but the stock declined later. Selling pressure emerged in sectors like metals which pulled down the indices.

The Sensex opened at 12488 and touched a new lifetime high of 12545. The index is trading lower by 59 points at 12404 at 11.10 AM.

The Nifty opened at 3695, touched a new lifetime high of 3711 and is trading lower by 22 points at 3671.

Oil marketing stocks are under pressure after the government said today's cabinet meeting would not consider retail fuel price hike. BPCL is the biggest loser among index stocks with losses of nearly 3 per cent.

Indian Oil is trading nearly a per cent lower while HPCL has lost over 0.5 per cent.

Reliance Industries is facing modest selling pressure after many sessions of substantial gains. The stock is trading more than 0.5 per cent lower.

Metal stocks are under pressure today. SAIL and Hindalco have given up over a per cent each while Tata Steel is trading nearly 1.5 per cent lower.

VSNL has given up nearly 2 per cent despite reports of the company acquiring an internet service provider.

Select pharma stocks are under pressure in early trades. Dr. Reddy's has lost nearly 2 per cent while Sun Pharma is continuing its down trend for the third session with losses of more than 1.5 per cent.

Bharti has given up close to 1.5 per cent as its April subscriber additions were lower than that for March.

ITC, HLL and IPCL are among the other losers.

Bajaj Auto is the best performer among index stocks, having gained nearly 2 per cent.

Cement stocks are maintaining the uptrend from yesterday. Gujarat Ambuja Cements and ACC have added over 0.5 per cent each while Grasim is trading nearly 0.5 per cent higher.

HDFC has added another 0.5 per cent after yesterday's 4 per cent surge. Satyam Computers is also continuing the firm trend with gains of nearly a per cent.

MTNL is trading with modest gains on reports that the company has received an NLD license.

Reliance Energy, PNB and Tata Power are the other gainers.

Mid-caps are also facing selling pressure after opening firm. The index is trading with losses of around 0.5 per cent. Market breadth on the NSE is negative in early trades with around 1.5 stocks advancing for every advancing stock.

Kamdhenu Ispat got listed on the exchanges today. Issued at Rs25, the stock opened at Rs31 on the NSE and saw a high of Rs39.4. The stock is now trading at Rs38.1

BBTC, Sterling Tools and Taj GVK are among the major gainers in mid-caps.

Soma Textiles, GMR Industries, and Malwa Cotton are among the mid-cap losers.