The market, which shrugged off a setback and rose smarly past mid morning, faltered again this afternoon before edging back into positive territory amid stock specific activity.
With investors turning somewhat cautious after initial buoyancy, stocks find it tough to hold at higher levels this afternoon. Realty, metal, FMCG, bank and automobile stocks are trading firm. Quite a number of stocks from the healthcare space are also up in positive territory.
Power and capital goods stocks have come off their highs. Information technology and oil stocks are trading weak.
The Sensex, which declined o 18,673.44, is now up 10.56 points or 0.06% at 18,755.49. The Nifty is up 5.65 points or 0.1% at 5694.60, more than 25 points off the day's low of 5669.
Reliance Industries, down 3.5% at Rs 776, is contributing signifiantly to the market's fall from higher levels. BPCL and Hindustan Petroleum Corporation are down 1.3% and 1.4%, respectively. ONGC, Indian Oil Corporation, Cairn India and Petronet LNG are up with modest gains, while GAIL India is trading 1.2% up.
In the IT index, Tata Consultancy Services (down 2.6%) is trading sharply lower ahead of results. Wipro is down with a loss of 1.3%, while Infosys is trading 0.3% down. HCL Technologies, which started off on a high note thanks to a sharp jump in earnings, is now down 1.7%. Hexaware Technologies, Mahindra Satyam and Tech Mahindra are also trading weak.
Realty stocks Indiabulls Real Estate, Oberoi Realty, Parsvnath Developers, Phoenix Mill, Prestige Estate, Sobha Developers and Unitech are up with strong gains. DLF, Anant Raj Industries, Godrej Properties and HDIL have declined after a good spell in positive territory.
Among metal stocks, Sterlite Industries, Sesa Goa, SAIL and JSW Steel are up 3.7% - 5%. Coal India and Hindustan Zinc are up 1% and 1.2%, respectively. Tata Steel, NMDC and Jindal Steel & Stainless are trading weak.