The Indian equity benchmarks staged a strong recovery from intraday low levels and were trading on a flat note with a negative bias afternoon trading as late buying in Reliance Industries, HDFC Bank, Bajaj Finance, Hindustan Unilever and Infosys helped negate selling pressure in ICICI Bank, State Bank of India, Power Grid and ONGC. The Sensex recovered over 650 points from day's lowest level of 51,601.11 and Nifty 50 index reclaimed its important psychological level of 15,650.
As of 2:42 pm, the Sensex was down 0.13 per cent or 70 points at 52,252 and Nifty 50 index slipped 32 points or 0.2 per cent to 15,659.
Nine of 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty PSU Bank index's 1.7 per cent decline. Nifty Metal, Media and Realty indices also fell over a per cent.
On the other hand, FMCG, pharma and select IT shares were witnessing buying interest.
Mid- and small-cap shares were underperforming their larger peers as Nifty Midcap 100 index fell 0.98 per cent and Nifty Smallcap 100 index 1 per cent.
ONGC, JSW Steel, Coal India, Power Grid, NTPC, Tata Steel, UPL, Mahindra & Mahindra, Indian Oil, State Bank of India, Wipro, Tata Motors and Titan were among the top Nifty losers.
On the flipside, Adani Ports, Bajaj Finserv, Bajaj Auto, Hindustan Unilever, HDFC Life, HDFC Life, Bajaj Finance, HDFC Bank, Grasim Industries, Cipla, Bharti Airtel, Eicher Motors and Dr Reddy's Labs were among the gainers.
The overall market breadth was negative as 2,151 shares were tradinglower while 1,022 were trading higher on the BSE.