Due to sustained selling at several front line counters, the market, which opened on a weak note this morning, continues to languish in negative territory with notable losses in afternoon trade.
Consumer durables, bank, power, capital goods, oil and metal stocks are reeling under pressure. Realty and automobile stocks are also mostly trading weak. Information technology stocks are trading mixed, while pharmaceuticals stocks are trading firm.
The Sensex is down 94 points or 0.48% at 19,657.19, slightly off the day's low of 19,640.45. The broader Nifty index of the National Stock Exchange, which eased to 5946,90, is down 32 points or 0.53% at 5955.25 at present.
BHEL is down 2.8% due to sustained selling pressure. The stock has been struggling post announcement of disappointing quarterly results. Tata Motors, which had a good outing on Monday, is down by around 2% on profit taking. Sterlite Industries, Hero Motocorp, Jindal Steel & Power, ICICI Bank, Bharti Airtel and Reliance Industries are down 1.3% - 2%.
ITC, Coal India, Hindustan Unilever, Dr Reddy's Laboratories, Tata Power, Larsen & Toubro and Wipro are also trading weak, albeit with less pronounced losses.
Sun Pharmaceutical Industries shares are up more than 4% at Rs 747 following an announcement from the company that the US health regulator has approved a generic version of the cancer drug Doxil.
GAIL India is trading 1.6% up and Cipla is up nearly a percent. Tata Consultancy Services, Hindalco, Mahindra & Mahindra, Maruti Suzuki and Tata Steel are up with modest gains.
Jubilant Foodworks is down as much as 7.8% on weak results. Opto Circuits is down with a loss of 5.8% and Jain Irrigation Systems is trading lower by nearly 5%.
Uco Bank, Indian Bank, Jaiprakash Associates, Sun TV Network, Essar Oil, Tech Mahindra, LIC Housing Finance, Corporation Bank, Mahindra Satyam and Oberoi Realty are trading lower by 2.5% - 4.5%.
United Spirits is up 3% on strong results. ABB, Shree Cement, TTK Prestige, Biocon, United Breweries, Glaxosmithkline Pharmaceuticals, Aurobindo Pharma, DLF and Ambuja Cements are also up with impressive gains.