The market, which shrugged off a weak start and surged higher, has shed most of its gains now, after staying firm for well over a couple of hours.
The Sensex, which dropped down to around 19,875 after rising to 20,050.42, is currently at 19,907.59, up 6.63 points or 0.03%. The Nifty is up 3.15 points or 0.05% at 5892.90, off the day's high of 5938.40. The mood, amid lingering worries about the near term outlook for the economy, is quite cautious today. The overnight weak close on Wall Street amid renewed concers about the outlook for the Federal Reserve's economic stimulus, and the resultant weakness in Asian markets are also hurting sentiment to a notable extent.
Information technology stocks, which had a fairly steady start, have retreated to lower levels on selling pressure. Metal, banking and realty stocks too have drifted lower. Automobile, capital goods and consumer durables stocks are steady, while pharma and oil stocks are trading flat.
BPCL is down nearly 3%. Hindalco is down with a loss of 2.4%. Bharti Airtel, Jaiprakash Associates, Jindal Steel & Power, HCL Technologies, Sesa Goa, DLF, Sun Pharmaceutical Industries and Tata Consultancy Services are trading lower by 1% - 2%.
BHEL has gained nearly 2.5%. Asian Paints, Tata Power, Cipla, Bajaj Auto, Larsen & Toubro, Mahindra & Mahindra and Maruti Suzuki are up 1% - 2%. HDFC and GAIL India are also trading notably higher.