Sensex, Nifty slip into the red as profit taking creeps in @ 10:40 hrs

As profit taking gathered some momentum, the market, which had opened on a firm note and rose to a 23-month high earlier this morning, drifted down into the red a few minutes ago.

At 17,652.10, nearly 150 points down from the day's high of 17,790.33, the Sensex is now down 34.14 points or 0.19% from its previous closing mark. The Nifty, which rose to 5310.85, has lost 0.24% or 12.90 points at 5265.

Information technology, metal and automobile stocks are among the notable losers. FMCG and capital goods stocks have also come off their high levels.

Realty, power, PSU and healthcare sectors witness stock specific action. Several PSU bank stocks are holding on in the positive territory with notable gains. Midcap and smallcap stocks, which rose sharply earlier in the morning, are drifting lower due to profit taking.

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The market breadth is still positive, but the gap between advances and declines has narrowed down significantly. Out of 2602 stocks seen in action on BSE, 1325 stocks are up in positive territory, while 1200 stocks are down in the red. 77 stocks are trading flat.

Maruti Suzuki has lost over 2.5% at Rs 1476.50. Wipro is down with a loss of 1.65%. Hindalco, Tata Consultancy Services, Infosys Technologies, BHEL, Hero Honda, Reliance Infrastructure and Jaiprakash Associates have lost 1% - 1.5%.

Tata Steel, Sun Pharmaceuticals, Larsen & Toubro, HDFC, Sterlite Industries, DLF, HDFC Bank and ACC are also trading weak.

Siemens, ICICI Bank, IDFC, NTPC, Grasim Industries, Idea Cellular, Suzlon Energy, Tata Power, Mahindra & Mahindra, Bharti Airtel, Cipla, Power Grid Corporation, Ranbaxy Laboratories, Reliance Industries, State Bank of India and Tata Motors are holding on in positive territory with notable gains.

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Nalco, which ended on a high note on Tuesday, is down nearly 4.5% on profit taking. Apollo Hospitals, Shriram Transport, Godrej Industries, Chambal Fertilizers & Chemicals, Jai Corp, United Phosphorus, Hindustan Copper, Aban Offshore, Educomp Solutions, Hindustan Petroleum Corporation and Praj Industries are also trading lower on profit taking after recent gains.