With several blue chip stocks encountering stiff resistance at higher levels, the market, which shrugged off a setback and moved higher earlier this afternoon, has slipped into negative territory once again.
With no prominent triggers to prompt them to go on any aggressive buying, investors have mostly moved on to the sidelines now. Most of the markets in the Asian region ended on a weak note and European bourses are also exhibiting some weakness at present. This weak trend in global markets appear to be weighing on sentiment to an extent.
At 20,113.73, the Sensex is now down 110.25 points or 0.55% from its previous close. The Nifty is down 39.50 points or 0.64% at 6117.40.
With the mood turning somewhat bearish, only 12 stocks out of the 50-stock strong Nifty index are up in positive territory at present.
Among the gainers, BHEL is up nearly 2.5%, Coal India is up 2%, while Tata Consultancy Services, Infosys and HCL Technologies are up 1% - 1.5%. Asian Paints, Sun Pharmaceutical Industries, Bank of Baroda and Bajaj Auto are up with modest gains.
NTPC is down 4.8%. Ultratech Cement is down by over 4%. Jaiprakash Associates is down 3.7% and Tata Motors is trading lower by 3%. DLF, Maruti Suzuki, Reliance Infrastructure and Kotak Bank are down 2% - 2.8%.
Tata Steel, Sesa Goa, Punjab National Bank, Mahindra & Mahindra, BPCL, State Bank of India, Ranbaxy Laboratories, ONGC, Ambuja Cements, ACC, Dr Reddy's Laboratories and Larsen & Toubro are also down with notable losses.
Voltas is trading lower by over 2% following a sharp 91% drop in the company's net profit for the quarter ended 31 March 2013 from the year ago period.