The S&P BSE Sensex and NSE Nifty 50 indexes turned flat in afternoon trading as gains in HDFC, ITC, Asian Paints and Sun Pharma were offset with weakness in Reliance Industries, HDFC Bank, Bharti Airtel and Kotak Mahindra Bank. Earlier in the day, Sensex rose as much as 441 points and the Nifty advanced touched an intraday high of 10,291.
As of 1:29 pm, the Sensex was down 8 points at 34,362 and Nifty was at 10,155, down 13 points.
Eight of 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Media index’s 1.8 per cent fall. Nifty Bank, Financial Services, Auto, Metal and PSU Bank indexes were also trading with a negative bias.
On the other hand, Nifty Pharma index was top gainer, up 2.3 per cent.
Mid- and small-cap shares were trading on a mixed note as the Nifty Midcap 100 index was up 0.3 per cent while the Nifty Smallcap 100 index was down 0.4 per cent.
GAIL India was top Nifty loser, down 1.7 per cent at Rs 103. BPCL, Wipro, Reliance Industries, Indian Oil, HDFC Bank, Coal India, Nestle India and Tata Motors were also among the losers.
On the flipside, Dr Reddy’s Labs was top Nifty gainer, the stock rose 4 per cent to Rs 4,120.IndusInd Bank, Sun Pharma, Asian Paints, ITC, HDFC and Bharti Infratel were also among the gainers.