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Key benchmark indices languished near their day's low levels dragged majorly by ICICI Bank, HDFC, ITC and Infosys among other blue-chips.
At 1130 hrs, the Sensex was up 99 points at 22,260 and the 50-unit Nifty shed 26 points at 6,669 levels.
Sun Pharma continues is the top gainer at this hour. The stocks is trading 1.7% higher at Rs 581.60 after the company announced that it will buy Ranbaxy Laboratories in an all-share deal, creating the world's fifth-largest generic pharmacy company. The stock has rallied 26% in the past week compared to a marginal 0.02% decline in CNX Nifty.
Bharat Heavy Electricals Limited (BHEL) is trading almost 3% lower at Rs 178.75 on the BSE, after the company said net profit for the financial year 2013-14 (FY14) more than halved to Rs 3,228 crore on account of low volumes and challenges in the domestic power sector. The power equipment major had posted a net profit of Rs 6,615 crore in FY13, BHEL said.
Housing Development and Infrastructure (HDIL) surged 5.4% higher to Rs 73.20, extending its Friday’s 16% rally, after Nomura Singapore Limited acquired nearly 1 percentage point stake in the Mumbai-based real estate firm through an open market transaction.
In the broader markets, the small and midcap indices lost 0.3-0.6%, against Sensex's 0.4% fall.
Nearly all sectoral indices on the BSE are currently in red. BSE Consumer Durables and realty indices are down 1.5-2%. Meanwhile Power, metal, FMCG, Healthcare, Bankex are trading 0.6-0.9% lower.
Sun Pharma, UltraTechCement, HDFC Bank, Wipro and M&M are trading 0.8-2.3% higher.
Market breath is negative with 844 stocks gaining while 936 stocks declined.
The partially convertible rupee was last seen trading at Rs 60.02, down 0.1% or 0.05, as compared to its previous close.
