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Markets slipped into the red in late morning trades as weakness in names like Tata Motors, Infosys, TCS and Sun Pharma weighed on the indices. At 1240 hrs, the Sensex was down seven points at 28,156 and the Nifty was down seven points at 8,418.
However, the broader markets retained their gains with the mid and smallcap indices up 0.6-0.8%. In the current run-up the S&P BSE Small-cap index hit fresh six-year high today.
IL&FS Engineering and Constructions, Kama Holdings Gammon Infrastructure, Indo Count Industries, Ashoka Buildcon, Elecon Engineering, Genus Power Infrastructures, Atul Auto and Styrolution ABS (India) were some of the top gainers and have rallied more than 8% each today.
On the sectoral front, Bankex, Consumer Durables, Health Care, IT, Oil and Gas and Power indices were in red, down 0.1-0.3%.
Among the ones in green were FMCG and Realty indices up with gains of over a percent each.
FMCG majors HUL and ITC added 1-2% and were among the top gainers of Sensex-30.
Hindalco, L&T, Bharti Airtel, Tata Power, Dr Reddys and Bajaj Auto up 1-2.5% were teh top gainers in late morning trades.
After several days of outperformance, pharma names like Cipla and Sun Pharma were the top losers down nearly 2% each.
Auto majors M&M and Tata Motors were off by 1.4% each along with Maruti down 0.3%.
IT majors TCS and Infosys declined 0.6% each while Wipro added 0.3%.
ONGC, Axis Bank, Coal India and GAIL down 0.7-1% were the other notable names in red.
The market breadth was positive on BSE. 1504 stocks advanced while 1279 stocks declined on BSE.
Asian Markets
Japanese shares shed early gains as investors booked profits after Prime Minister Shinzo Abe delayed a tax hike and said he would call a snap election to seek a fresh mandate for his economic policies.
Asian shares were mixed but MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.4 percent to a three-week low.
