The overall market breadth was extremely negative as 1,632 shares were trading lower.The S-P BSE Sensex and NSE Nifty 50 Indexes came off intraday highs paced by losses in Indiabulls Housing Finance, Yes Bank, Hero MotoCorp, UPL and Tata Motors.
Earlier in the day, the benchmarks opened higher and the Sensex advanced nearly 400 points and the Nifty moved above important psychological level of 11,800 on the back of buying interest in banking and metal shares.As of 12:37 pm, the Sensex traded 0.3 per cent or 116 points higher at 39,162 and the NSE Nifty 50 Index advanced was up 0.16 per cent or 18 points at 11,709.Tata Steel was top gainer in the Nifty 50 basket of shares, the stock rose 3.7 per cent to Rs 490.
Zee Entertainment, Kotak Mahindra Bank, Power Grid, NTPC, HDFC, Hindalco and Eicher Motors were also among the gainers, up between 0.8 and 2.7 per cent each.On the other hand, Indiabulls Housing Finance was top losers, the stock fell as much as 20 per cent to a fresh 52-week low of Rs 487.85 on the back of heavy volumes.
Over 24 lakh shares changed hands on the BSE compared with an average of 16.88 lakh shares traded daily in the past two weeks.Yes Bank, UPL, Hero MotoCorp, Indian Oil, Tata Motors, Bharat Petroleum, Bharti Airtel and Tech Mahindra were also among the losers.Six of 11 sector gauges compiled by National Stock Exchange were trading higher led by the Nifty Realty Index's 0.7 per cent gain.
Nifty Bank, Financial Services, Media, Metal and Private Bank Indexes also rose around 0.5 per cent each.On the flipside, Nifty Pharma Index was top loser, down nearly 1 per cent.Mid- and small-cap shares were underperforming their larger peers as the Nifty Midcap 100 Index declined 0.8 per cent and Nifty Smallcap 100 Index fell 1 per cent.The overall market breadth was extremely negative as 1,632 shares were trading lower while 679 were trading higher on the BSE.