Sustaining the momentum from the last two sessions, markets opened with a positive gap and both indices set new lifetime highs in opening trades. However, selling pressure emerged at higher levels and the indices slipped into the red before recovering again.
Asian markets are mixed today, following the mixed trend in US markets yesterday. Hong Kong and Singapore are the best performers with gains of one-third of a per cent each. Japan is trading marginally lower.
The Sensex opened at 11114 and saw a new all-time high of 11147. The index is trading higher by 29 points at 11108 at 11.10 AM.
The Nifty opened at 3321 and saw a new lifetime high of 3344 in early trades. The index is trading higher by 9 points at 3331.
Auto stocks have made a come back today, led by Maruti. The stock has added close to 2.5 per cent. Tata Motors has gained nearly a per cent. Hero Honda is the best performer among the two-wheeler pack, with gains of nearly 1.5 per cent.
Select technology stocks are also firm today. Infosys has added over 1.5 per cent while Wipro is trading with gains of more than a per cent.
Gail is continuing the uptrend and has added more than 1.5 per cent.
Zee Tele has made a come back and has added nearly 2.5 per cent.
Nalco, Grasim and HDFC are the other major gainers among index stocks.
Steel stocks have come under some correction today, with SAIL losing over 2 per cent. Tata Steel has given up nearly a per cent.
ITC is trading lower by more than a per cent after the recent gains. Reliance Energy has come under pressure after yesterday's rally and is now trading lower by almost a per cent.
Among pharma stocks, Dr. Reddy's has lost over a per cent while Sun Pharma has declined nearly a per cent.
BHEL, ACC, Reliance Industries and Tata Tea are among the other losers.
Mid-caps also opened with gains before the index slipped and went into the red. However, the mid-cap index has not recovered along with the frontline indices and is still trading with losses. Market breadth has also slipped in mid-morning trades.
Provogue, Mahindra Gesco and HFCL are among the major gainers in mid-caps.
Sanwaria Agro, Ind-Swift Limited and Nahar Spinning are among the mid-cap losers.