Markets have given up most of the early gains in line with the trend on other Asian markets, which have also come down substantially from their morning highs. There is also some market rumours about selling by domestic institutions. Europe has opened with marginal gains.

Sensex is trading higher by 21 points at 11553 at 01.10 PM.

Nifty is now trading higher by 11 points at 3381.

Most of the gainers in early trades continue to trade firm, though they have come off their highs. Zee Tele remains the best performing index stock with gains of over 4 per cent.

SBI continues to trade higher by nearly 3.5 per cent, despite the decline in indices. OBC and PNB are trading with gains of close to 1.5 per cent each.

Gail India has moved further up and is now trading more than 4 per cent higher.

Tata Power has gained in early afternoon trades and is trading 1.5 per cent higher.

Among engineering and capital goods stocks, ABB is up more than 1.5 per cent and Suzlon has added close to a per cent.

Reliance Industries is trading 0.5 per cent higher and ONGC is marginally in the green.

Among other gainers, Tata Steel has added over a per cent on reports of a $750-million overseas debt programme. Hero Honda continues to trade higher by close to a per cent.

Stocks of oil marketing companies have come under further pressure. BPCL is now the worst performer among index stocks with losses of over 2 per cent. HPCL is down more than a per cent.

Tata Motors is facing some pressure and is down more than a per cent. Maruti has shed close to 0.5 per cent.

Among tech stocks, Wipro has lost over 0.5 per cent and Infosys is trading with modest losses.

HDFC Bank continues to trade weaker by nearly a per cent.

Glaxo and Dr Reddy's are trading with losses of around 0.5 per cent each.

Siemens is the other loser, down 0.5 per cent.

Mid-caps and small caps have also come off their highs, but they continue to outperform the large caps. The NSE mid-cap index is now trading with gains of 0.8 per cent. BSE mid-cap index is trading over 0.8 per cent higher and small-cap index is up by almost 0.9 per cent. Market breadth on the NSE remains positive with close to 2 stocks advancing for every declining stock.

Carborundum Universal is the best performer among mid-caps, trading nearly 12 per cent higher.

Aurionpro, Sterlite Optical, India Infoline, KEI Industries, Glenmark, Indotech Transformers, Bhagyanagar Metal, Hindustan Motors and FCS Soft are among the major mid-cap gainers.

Malu Paper, Khaitan Limited, Indraprastha Medical and Kernex Micro are the major mid-cap losers.