Financial, telecom, technology (barring Infosys), PSU power, realty, oil marketing and FMCG companies' shares supported the markets to turn positive.
Infosys dropped by 3 per cent.
The 30-share BSE Sensex closed at 16,781.43 while Nifty closed at 4986.55.
Nifty trades weak; oil, power, IT dip
At 13:56 AM, the Nifty though traded low but was supported 4900 level.
Reliance, Infosys, ONGC, ICICI Bank and SBI were negative contributors.
IT, metals, auto, realty, oil &gas and power stocks traded weak.
Top losers were Infosys , Hindalco, Sterlite Ind, DLF and Hero Honda.
NTPC ,Bharti Airtel, HDFC Bank, HDFC and ITC gained.
In the Midcap, Carborundum, MRF, Wockhardt, UTV Software and Peninsula Land rose by 5 per cent.
Smallcaps like Godawari Power, Oil Country, Vardhman Text, Orient Abrasive and Hikal increased from 9 to 14 per cent.
Nifty slips; HDFC, Bharti rise
At 11:44 AM, the sell-off in metals, technology, auto, realty, private power, oil and gas exploration and select banking stocks dragged the Nifty towards the 4900 mark.
Almost all the sectoral indices were negative.
However, Bharti, Power Grid, BPCL, L&T, HDFC, Ranbaxy and PNB gained.
Technology stocks like Infosys and HCL Tech fell 4 per cent each. Tech Mahindra, TCS and Wipro slipped from 0.7 to 1.4 per cent.
In the metal pack, Hindalco, Tata Steel, Sterlite Industries, SAIL, Jindal Steel and NALCO were down by 1.5 to 3.4 per cent.
Auto stocks like M&M, Maruti Suzuki, Ashok Leyland, Hero Honda, Bajaj Auto and Tata Motors dropped from 1 to 2.4 per cent.
In the realty space, DLF lost 3.22 per cent and Unitech dropped to 2.38 per cent.
Weak global cues dip Sensex below 100 pts
The Sensex continued its downtrend for the second consecutive day following weak global cues.
All sectoral indices were weak early trade; metal, realty, technology and infrastructure stocks were witnessing selling pressure.
At 9:56 am, the Nifty was down 36 points, to 4,933 and the Sensex fell 119 points, to 16,600.
Sterlite, Infosys, Nalco, Suzlon Energy, Cairn India, DLF and Unitech were the losers while ITC, ONGC, HPCL, BPCL and Power Grid were the gainers.
Alembic increased by 7 per cent while Jagran Prakashan, Harrisons and Jayshree Tea rose over 1 per cent.
Recently listed stocks like Globus Spirits dipped by 3 per cent while Jindal Cotex rose marginally.