The markets have pared most of the morning gains led by losses in Realty and Auto sectors. Compounding to this is the negative opening in the European markets.
CAC, DAX and FTSE 100 are down nearly 1% each in the opening trades.
The BSE Sensex is at 16,790, up 57 points and the Nifty is flat at 5,039, up 4 points. In the morning the Sensex touched a high of 17,000.
The broader markets are trading on a mixed note, with the BSE mid-cap index at 6,398, up 0.01% and the small-cap index at 7,439, down 0.3%.
Among the sectoral indices, BSE Realty is down 4% at 1,638. DLF is the major dragger after Competition Commission of India imposed a penalty of Rs 630 crore on the company for unfair trade practices and abuse of market dominance.
BSE Auto is down a per cent after reported a 6% decline in global sales to 85,392 units.
BSE IT index is leading at 5,179, up 2.6%. TCS, HCL Technologies, Wipro and Infosys, up 2-4% each, are the top gainers from the IT sector.
BSE Teck and Oil&Gas are up 2% each.
TCS, Sun Pharma Industries, HDFC Bank, HDFC and JP Associates, up 3% each, are the top gainers among the Sensex 30 stocks. ONGC is trading 3% higher at Rs 280 on reports that the board of directors of the company is scheduled to meet on August 29 to take the decision on filing of the red herring prospectus (RHP) for follow-on-offer (FPO) with market regulator Sebi. The board will also approve the consolidated accounts during the meeting.
On the other hand, DLF, Tata Motors. Maruti Suzuki, ICICI Bank and Tata Power are down 1-4% each.
