The Indian equity benchmarks were flip-flopping between gains and losses as buying in auto shares was offset with selling in information technology and FMCG stocks a day ahead of the monthly expiry of June future and option contracts. The Sensex touched an intraday high of 52,912.35 and low of 52,434.70 and the Nifty 50 index was trading in a band of 136 points.
As of 11:51 am, the Sensex was down 87 points at 52,501 and Nifty 50 index slipped 20 points to 15,752.
Five of 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Information Technology index's 0.6 per cent fall. Nifty Bank, Financial Services, Private Bank and FMCG indices were also trading lower.
On the other hand, auto, PSU bank, metal and realty indexes were trading with a positive bias.
Mid- and small-cap shares were also trading on a flat note as Nifty Midcap 100 index rose 0.15 per cent and Nifty Smallcap 100 index was up 0.07 per cent.
Shares of the world's largest two-wheeler maker - Hero MotoCorp - rose as much as 3 per cent to hit an intraday high of Rs 2,994.55 on the BSE a day after the company said that it will increase prices of its motorcycles and scooters starting July. The company will make an upward revision in the ex-showroom prices of its motorcycles and scooters with effect from July 1, 2021.
Maruti Suzuki was top Nifty gainer, the stock rose nearly 3 per cent to Rs 7,462. Hindalco, Mahindra & Mahindra, Bajaj Finance, Eicher Motors, Bajaj Auto, State Bank of India, Titan, Tata Consumer Products, HDFC Life and UltraTech Cement were also among the gainers.
On the flipside, Wipro, Adani Ports, Kotak Mahindra Bank, Tech Mahindra, Shree Cements, Divis Labs, Tata Consultancy Services, HDFC, HCL Technologies, Hindustan Unilever, Indian Oil, Infosys and Reliance Industries were among the losers.