02 Feb 01.30 PM: Indices decline sharply from early highs

The markets gave up their early gains for the second day as most of the heavyweights came under selling pressure. Though some of the early gainers are holding on, most others have given up their gains and are trading lower.

The Sensex opened the day at 9891 and saw a high of 9956 before declining to a low of 9816. The index is trading higher by 14 points at 9874 at 01.30 PM.

The Nifty opened at 2972 and saw a high of 2997 before declining to a low of 2958. The index is trading at 2978, higher by 6 points.

Cipla is still holding on to its gains and is trading more than 9 per cent higher. Sun Pharma and Ranbaxy have also managed to maintain their rally. However, Dr Reddy's saw a sharp decline around noon and is trading flat.

Another stock which was trading higher in early trades but declined later is ICICI Bank.