BSE Sensex ended the day at 16,440.56, down 58.16 points or 0.35 per cent and NSE Nifty lost 0.34 per cent or 16.70 points, to settle at 4,881.70.
However, buying in Reliance Industries, SBI, ICICI Bank, SAIL, Sterlite, TCS and Tata Motors kept the markets from slipping further.
Discovery of oil in its exploration block in the Cambay Basin off Gujarat led the Index heavyweight RIL to gain over 1.5 per cent.
While NMDC locked at 20 per cent upper circuit on Tuesday, Nov 10 too, gaining 2 per cent and 0.8 per cent respectively, SBI and ICICI Bank continued their rally for the second day.
On the losing side, Bharti Airtel and Hero Honda plummeted over 4 per cent. ONGC, DLF, HUL, Reliance Communications and Maruti slipped 2.5 to 3.7 per cent.
4: 16 PM
Benchmarks volatile; FMCG, telecom, realty dip
After four days of rally and an encouraging performance in the first half of the session, the benchmarks were trading amid volatility. At 1: 55 pm, Sensex dipped 43 points to 16,455 and the Nifty slipped 12 points to 4,885 while the broader indices were flat.
Selling in realty, telecom, capital goods, FMCG and select metal stocks was putting pressure on the markets. ONGC, Hero Honda, Infosys, Maruti Suzuki and Jaiprakash Associates were the other losers.
Buying in banking, oil marketing and cement was helping the markets stay on the positive side to some extent. Index heavyweights Reliance Industries, SBI and ICICI Bank were also supporting the markets.
NTPC, Tata Motors, SAIL, M&M, Jindal Steel, Cipla and Siemens were other gainers.
2: 18 PM
RIL shows a positive fare on Sensex
Sensex at 11:08 am showed a marginal rise at around 16,600 with Nifty settling above 4,900 mark.
The rumour of an out of court settlement between Ambani brothers has led to Reliance industries being up by 2.5 pc.
Reliance Power and Reliance Infrastructure, Reliance Power and Reliance Capital gained 1 to 2pc. RNRL was up 3.7 pc.
Banking, cement and select power stocks fared better than capital goods, FMCG stocks, and heavyweight Bharti which was under pressure.
Auto and metal stocks on the other hand showed mixed trend.
The rise of Nifty at 17 points showed Sensex gaining 61 points at 16,560.
A positive market breadth led to 0.5-0.8 pc rise in the broader indices.
At 11:08 am Sensex showed Reliance Industries, SBI, ICICI Bank, Tata Motors, Wipro and ACC leading, while BHEL, ONGC, Bharti Airtel, Maruti, Hero Honda, L&T, DLF and Tata Steel seemed to have taken a dip.
With the gain of 2 per cent Siemens bagged Rs 608 crore deal from Qatar General Electricity,Alstom Projects bagged Rs 365 crore from Hindalco with the gain of 2.6 pc.
Indian benchmarks open higher on rally in US mkts
Led by 10 per cent rally in the US markets, Indian equity benchmarks opened the day on a strong note. The markets were also gaining support from the buying in metal, banking, realty and select infrastructure stocks.
At 9:56 am, BSE Sensex gained 131 points at 16,629 and NSE Nifty was up 37 points at 4,935. The CNX Midcap went up 57 points to 7,032.
According to a newspaper report, the Ambani bothers were mulling over an a settlement out of court over the ongoing gas pricing dispute. This led the Anil Dhirubhai Ambani Group as well as Mukesh Ambani companies' shares trade 1.5 to 4 per cent higher.
The gainers among the frontliners were Sterlite, SAIL, Ranbaxy Labs, Reliance Infrastructure, HDFC Bank, ICICI Bank and Reliance Industries.
Among the midcaps, Brigade Enterprises, Orbit Corporation and RNRL were up 2 to 3 per cent.
Bank of Rajasthan and Indian Bank surged 3.5 per cent. NMDC shot up another 10 per cent. Gateway Distriparks gained 4.6 per cent.
And Jai Corp jumped 12.5 per cent, which locked at 20 per cent upper circuit.
Maytas Infra slipped 4 per cent, following reports that the company might withdraw from the Machilipatnam port project.