The market, which retreated a bit after a smart upmove in opening trades, is currently moving in a narrow range amid alternate bouts of buying and selling in front line stocks.
Information technology stocks, which moved up smartly following the sector heavyweight Infosys winning a case filed by its employee in a U.S. Court, are off their highs now. Automobile, realty and power stocks too have shed most of their early gains.
Pharmaceuticals, FMCG and oil stocks are trading mixed. Capital goods, bank and metal stocks are trading slightly weak.
The Sensex, which rose to 17,815.76 earlier in the day, is currently up 72.50 points or 0.41% at 17,763.58. At 5383.20, the Nifty is up 16.90 points or 0.31% from its previous closing mark.
IDFC is up nearly 2%. Ambuja Cements, GAIL India, Tata Consultancy Services, Mahindra & Mahindra, NTPC, Bajaj Auto, Sesa Goa, Hindustan Unilever, SAIL, Wipro, BHEL and Reliance Industries are also trading notably higher.
Hindalco is trading lower by 2.6% on reports that the Odisha State Pollution Control Board has asked the company to shut down the captive power plant of smelter plant near Hirakud in western Odisha in the wake of a breach in the company's ash pond that damaged standing crops in the locality.
Hero Motocorp, Tata Steel and Cairn India are down 1.2% - 1.6%. Axis Bank, HDFC Bank, BPCL, ITC, Coal India, Dr Reddy's Laboratories, Siemens, Bharti Airtel and HCL Technologies are also trading weak.
Bilcare Limited shares vaulted 20% this morning following an announcement from the company that it has signed agreement with United Drug plc for the sale of its global clinical supplies businesses in the US and the UK for $61 million
As per the agreement, United Drug will acquire Bilcare's Global Clinical Supplies businesses in the US, the UK, while Bilcare will retain its GCS business in Asia, the company said in a filing to the stock exchanges.
According to the data released by the government today, India's annual consumer price inflation slowed slightly in July to 9.86%, helped by a drop in petrol prices.
In the currency market, the Indian rupee opened higher this morning, thanks to a recovery in euro and on expectations of a drop in current account deficit. In early trades, the rupee was quoting at 55.55 against the greenback, as compared to Friday's close of 55.74.