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Benchmark indices slipped into the red weighed down by profit taking in pharma shares and ICICI Bank.
By 1448, the Sensex was down 48 points at 20,238 and the Nifty slipped 25 points to 6,162.
On the global front, rising optimism about global growth pushed world shares to a near five-year high on Monday, while comments from Japan's economy minister that consumers could suffer if the yen falls further lifted it off a 4-1/2 year low.
Data last week that showed US consumer sentiment at its strongest in nearly six years continued to support equity markets. MSCI's world index is at its highest since June 2008 as top European shares started the week up 0.2%.
The Nikkei share average surged to a fresh 5-1/2 year high on Monday, buoyed by further weakness in the yen and optimism over the growth outlook after the Japanese government raised its assessment of the economy for the first time in two months.
Signs of an improving U.S. economy and Wall Street's record closing high on Friday cemented the positive mood in markets. The Nikkei climbed 1.5% to 15,360.81, the highest closing mark since December 2007. During the day, the index rose as high as 15,381.74, the highest level for the same period.
Meanwhile, Gold prices today fell by Rs 399, or 1.54%, to Rs 25,556 per ten grams in futures trade in line with weak overseas trends. Analysts said sustained weakness in the overseas markets, where gold dipped to one-month low, put pressure on the precious metal prices at futures trade.
On the sectoral front, BSE Auto index index has surged by almost 2% followed by counters like Metal, Realty and IT, all gaining by 1% each. However, BSE Consumer Durable and Healthcare indices have declined by nearly 1% each.
Auto stocks are in demand with M&M, Maruti Suzuki, Hero Moto Bajaj Auto and Tata Motors leading the gains, all spurting between 1-2%. Auto stocks have firmed as reports suggest encouraging sales growth during the current month.
Other notable gainers are Tata Steel, Coal India, Sun Pharma, Infosys, Sterlite, BHEL and RIL, all gaining between 1-2%.
On the losing side, Wipro, Bharti Airtel, ONGC, Cipla and Dr Reddy’s Lab have declined between 1-2%.
Among other shares, GlaxoSmithkline Consumer Healthcare has tanked 7% to Rs 4,729 on profit taking after surging 26% in past one week on the Bombay Stock Exchange (BSE). The stock is top loser among the frontline A group stocks.
Apollo Hospitals Enterprise has dipped 4% to Rs 1,028 on reporting a 27% year-on-year (yoy) jump in standalone net profit at Rs 75.52 crore for the quarter ended March 31, 2013 (Q4) on the back of one-time gain due to sale of assets.
Tata Teleservices (Maharashtra) or TTML has surged 12% to Rs 9.05 on BSE after its promoter Tata Sons decided to cancel its offer-for-sale (OFS) of shares in the company.
The market breadth in BSE remains marginally positive with 1,224 shares advancing and 1,097 shares declining.
