The market has shed a significant portion of its gains past mid afternoon, due to some strong selling in a few stocks from information technology, healthcare, realty and power sectors.
Bank and automobile stocks are off their highs. FMCG and capital goods stocks have also given up some gains. Oil and metal stocks, however, continue to trade firm.
At 22,478.84, nearly 120 points off the day's high of 22,592.03, the Sensex is now up 74.95 points or 0.33% from its previous close. The Nifty is up 13.20 points or 0.2% at 6708, off the day's high of 6741.05.
Hindalco is up nearly 5%. ONGC and Reliance Industries are trading higher by 2.7% and 2.4%, respectively. Tata Steel is up 2.2%.
Larsen & Toubro, Axis Bank, ITC, Mahindra & Mahindra, Sesa Sterlite, Tata Consultancy Services, Bajaj Auto, GAIL India and Maruti Suzuki are up 0.5% - 1.5%.
HDFC is lower by about 2.3%. Cipla, Tata Power, Infosys, Wipro and Bharti Airtel have declined 1% - 2%. Sun Pharmaceutical Industries, Tata Motors and Hindustan Unilever are also notably lower.
Financial Technologies, Pipavav Defence, MCX, Reliance Communications, Glenmark Pharmaceuticals, Idea Cellular and Sun TV Network are down 2.5% - 5%.
Canara Bank is up nearly 7% than to a drop in the bank's gross NPAs. The bank said its gross non-performing assets declined to Rs 7570.21 crore as on 31 March 2014, from Rs 8073.92 crore as on 31 December 2013. The bank reported a net profit of Rs 610.83 crore for the January - March 2014 quarter, down 15.79% from the year ago quarter.
Century Textiles is up nearly 10%. Suzlon Energy is higher by about 6%. Apollo Hospitals Enterprises, Max India, Bank of India, JSW Energy, Cummins India, SAIL, Marico and Container Corporation are up 2.5% - 5%.
General Electric Co has made tender offers to buy shares worth up to $389 million in two of Alstom SA's India units to comply with local rules, following its $16.9 billion bid to buy the French group's energy unit.
While it has offered to buy 25% in Alstom T&D India Ltd from public shareholders at 261.25 rupees a share, the offer price for the 26% stake it intends to buy in Alstom India is Rs 382.20 per share. Alstom T&D is up nearly 1%. Alstom India is up marginally at Rs 458, after having declined to Rs 416 earlier in the day.