After a modestly volatile opening and declining in mid-morning trades, the indices attempted a recovery around noon. But selling pressure emerged again and the indices have declined once again in early afternoon trades.
The Sensex is trading lower by 5 points at 10621 at 01.10 PM.
The Nifty is trading higher by 2 points at 3153.
Glaxo is the biggest gainer among index stocks, trading with gains of close to 5 per cent.
Auto stocks continue to shine led by Tata Motors which had reported excellent growth in commercial vehicle sales for the month of February. The stock is trading with gains of close to 3.5 per cent. The company
Maruti has gained after a modest start and is now trading with gains of over 2 per cent. Bajaj Auto is holding on to its gains of over 2 per cent.
Telecom stocks continue to hold on to their early gains ahead of the listing of Reliance Communication Ventures, the holding company of mobile operator Reliance Infocomm, on Monday.
MTNL is the biggest gainer in the telecom sector with gains of close to 2.5 per cent. VSNL has added over 1.5 per cent while Bharti has gained over a per cent.
Engineering stocks ABB and BHEL have gained further after a firm opening. ABB has added close to 2.5 per cent while BHEL has gained nearly 1.5 per cent. However, L&T has lost close to 2 per cent.
HPCL and Dabur are the other major gainers among index stocks.
HDFC is the biggest loser among index stocks and has lost close to 2 per cent.
Nalco is still trading lower by 2 per cent while Hindalco has recovered partially from its early lows.
Technology stocks also continue to be weak after a subdued opening. Both TCS and Infosys have lost around 1.5 per cent each while Wipro has lost over 0.5 per cent.
Gail, Reliance Energy, ITC and SAIL are the other major losers among index stocks.
The mid-cap index has given up part of its early gains and the market breadth has become almost neutral.
RPG Transmission, Softpro Solutions and Shanti Gear are among the major gainers in mid-caps.
Sunil Hitech Engineers, Onward Technologies and Sadbhav Engineers are among the mid-cap losers.