The market, which pared some gains after a buoyant start, slipped into negative territory a little past noon following a round of selling in some blue chip stocks from oil, realty and capital goods sectors. Though it swiftly rebounded into positive territory on some hectic buying in FMCG stocks, it faltered again subsequently and is currently trading in the red.
The Sensex, which had surged to 19,622.68 earlier in the day, is currently at 19,345.35, down 42.15 points or 0.2% from its previous close. The Nifty is down 17.45 points or 0.3% at 5886.65, well off the day's high of 5962.30.
Reliance Industries is down 1.2% at Rs 782.35, contributing significantly to the market's fall from higher levels. ONGC is trading lower by 3.2%. Oil India (down nearly 2%), Hindustan Petroleum Corporation (down 4.3%), BPCL (down 3.3%) and Indian Oil Corporation (2.9%) are also trading sharply lower.
Among the stocks in the Realty index, DLF, Anant Raj Industries, HDIL, Indiabulls Real Estate, Oberoi Realty and Unitech are down 2% - 3.5%. Parsvnath Developers is down with a loss of 1.1%, while Phoenix Mill, Prestige Estates, Sobha Developers and Godrej Properties are trading in positive territory with notable gains.
Capital goods sector heavyweights Larsen & Toubro and BHEL are down 2.4% and 1.4%, respectively. AIA Engineering, Crompton Greaves, Punj Lloyd, SKF India, Suzlon Energy and Welcorp are trading lower by 1% - 3%. Alstom T&D, AIL, ABB, FAG Bearings, Siemens and Sadbhav Engineering are trading in positive territory with impressive gains.
FMCG major Hindustan Unilever is up 17.3% at Rs 583.25, with strong quarterly results from the company and its parent's open purchase offer in the company triggering heavy buying at the counter.
Colgate Palmolive has spurted more than 6%. Nestle India and United Spirits are up 5.3% and 5.6%, respectively. Dabur India, ITC, Jubilant Foodworks and United Breweries are also up with strong gains.
Jet Airways shares moved up nearly 3% this morning after a founder group company of the carrier said it would sell a stake as part of public float rules.
KPIT Cummins Infosystems gained over 4% following the company forecasting a 16% - 20% growth in its profit after tax for financial year 2014. KPIT Cummins Infosystems' consolidated net profit rose 17% to Rs 51.17 crore on 18.7% growth in revenue to Rs 569.86 crore in the March 2013 quarter, over the corresponding quarter last fiscal.
Shares of ING Vysya Bank surged 2.5% following the bank's net profit rising over 33% in the January - March 2013 quarter to Rs 170.30 crore, from the year ago period.