Frontline indices are holding on to their modest gains, helped by ONGC and select technology and auto stocks. Some of the big gainers from recent sessions continue to be under selling pressure.
The Sensex is trading higher by 10 points at 11089 at 01.10 PM.
The Nifty is trading higher by 8 points at 3330.
Gail has built on its early gains and is now the biggest gainer among index stocks with gains of nearly 2.5 per cent. ONGC has also picked up and has now added nearly 1.5 per cent.
Despite the weak trend in other metal stocks, Nalco has gained today and is now trading higher by more than 2 per cent.
Among the auto stocks, Maruti is maintaining the uptrend with gains of close to 2.5 per cent. Tata Motors and Hero Honda have given up part of their early gains and are now trading more than 0.5 per cent each.
Some of the technology stocks are also holding on to their early gains. Both Infosys and Wipro are trading with gains of more than 1.5 per cent each. TCS is flat while Satyam has lost modest ground.
Gujarat Ambuja Cement, Glaxo, VSNL and HDFC are the other major gainers among index stocks.
Steel stocks continue to be under pressure in early afternoon trades. SAIL has declined further and has now lost nearly 2.5 per cent. Tata Steel is holding steady with losses of close to a per cent.
Hindalco has lost close to a per cent on profit booking after the recent gains.
BHEL is one stock which has lost ground in early afternoon trades. The stock is now trading lower by more than 1.5 per cent.
BPCL is also under pressure and has lost over a per cent.
ITC and Dr. Reddy's continue to be weak, having lost nearly a per cent each.
ICICI Bank and PNB are the losers among banking stocks and are trading with losses of nearly a per cent each
Mid-caps are still weak, despite the recovery in larger stocks. The mid-cap index is trading with losses of nearly 0.2 per cent.
Mahindra Gesco, Rajshree Sugar and HFCL are among the major gainers in mid-caps.
Visualsoft, Ramco Systems and Ind-Swift Limited are among the mid-cap losers.