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Markets have pared early gains and are trading marginally lower weighed down by profit taking in rate sensitive with auto shares leading the decline.
At 11:36AM the Sensex, after touching a high of 20,289, was down 65 points at 20,158. Nifty was down 12 points at 6,145.
"I think, this lacklustre movement has just started from yesterday and probably for a couple of days it may continue before we witness the trend changing in the global markets," said Kunal Bothra, technical analyst at LKP Securities.
Most Asian share indices were trading weak with the exception of Shanghai COmposite which was trading 0.1% higher. Hang Seng was up 0.5% while Japan's Nikkei index was marginally down due to a pause in the yen's weakness. Straits Times was down 0.6%.
The Realty index was the top loser among sectoral indices on the BSE down 1.5% followed by Auto, Power, Capital Goods, Bankex, Healthcare and FMCG indices down 0.5-1.4% each.
DLF, GOdrej Properties and Anant Raj Ind were the top losers in the realty segment down 3-4% each.
Auto stocks witnessed profit taking after recent gains. In the Sensex pack, Tata Motors was down 2.8% while Maruti Suzuki, M&M were down over 1.5% each.
In the banking space, SBI and HDFC Bank slipped 1.2% and 0.6%, respectively.
Other Sensex losers include, ITC and Larsen & Toubro.
Sensex gainers include, Coal India Coal which was up 2% at Rs 307 after reporting a nearly 90-percent jump in standalone net profit at Rs 2,320.61 crore for the fourth quarter ended March 31.
Other gainers include, HDFC, Infosys, TCS, ONGC and Reliance Industries.
Among other shares, Astral Poly Technik has surged 8% to Rs 472 after reporting 52% year-on-year (yoy) jump in net profit at Rs 29 crore for the quarter ended March 31, 2013 (Q4) on back of strong sales income and lower foreign exchange loss. The company had profit of Rs 19 crore in a year ago quarter.
Omaxe has tanked 6% to Rs 155 after the promoter of real estate firm has fixed the floor price for proposed share sale at Rs 148 per share. The floor price is 10% discount to Monday’s closing price of Rs 164.
In the broader markets, the BSE Mid-cap and the Small-cap indices were both down 0.3% each.
Market breadth was weak with 1,141 declines and 757 gainers on the BSE.
