Markets have slipped on profit booking as some of the major gainers in recent sessions have come under pressure. Other Asian markets continue to be mixed and Europe has opened with modest losses.

Sensex is trading lower by 55 points at 11859 at 01.10 PM.

Nifty is now trading lower by 17 points at 3460.

Auto stocks remain under pressure in afternoon trades as well. Tata Motors is now down more than 1.5 per cent. M&M has lost close to 1.5 per cent while Maruti is trading well over a per cent lower.

Glaxo is the worst performer among index stocks, trading nearly 2 per cent lower. Dr Reddy's is now down more than a per cent.

Tata Power has also declined further and is now trading well over 1.5 per cent lower.

Zee Tele is also down 1.5 per cent.

TCS is a major loser in early afternoon trades and is now down nearly 1.5 per cent.

Among other major losers, ICICI Bank has lost close to 1.5 per cent while Gail India is down well over a per cent.

PSU banking stocks have come off their highs but are holding on to part their gains. PNB is trading over a per cent higher and is the best performer in the sector.

OBC is trading with gains of close to a per cent while SBI is up well over 0.5 per cent.

BHEL is the best performer among index stocks, trading nearly 1.5 per cent higher. ABB is trading nearly a per cent higher.

Among cement stocks, Gujarat Ambuja and ACC are trading more than 0.5 per cent each higher.

ONGC is still firm and is now trading 0.5 per cent higher.

Reliance Energy and Sun Pharma are the other gainers, both trading with gains of 0.5 per cent.

Mid-caps and small stocks have also given up a substantial part of their gains but are still holding on to modest gains. The NSE mid-cap index is now trading with gains of nearly 0.25 per cent. BSE mid-cap index is trading over 0.2 per cent higher and the BSE small-cap index is trading with gains of close to 0.15 per cent.

Vimta Labs, Ramkrishna Forge, Cyber Media, Vishesh Info, Igarashi Motors, Titanor Components, Cambridge Solutions and Micro Technologies are among the major mid-cap gainers.

Quintegra, Softpro Solutions, Garden Silk, RPG Cables, Ansal Infrastructure and Rajvir Industries are the major mid-cap losers.