Selling in metal, banking & financial, FMCG and power stocks, and heavyweight Reliance Industries put pressure on the market, while buying in technology, pharma, select auto and telecom stocks capped the losses to major extent.
The BSE Smallcap Index surged 0.4pc and outperformed other indices. Midcap Index, on the other hand declined 0.6pc.
In the auot segment, Maruti Suzuki gained 3pc.
Banking stocks witnessed sell-off mainly due to interest rate war-waged between the major private banks like ICICI Bank and Kotak Mahindra Bank on home loan schemes.
Bank of Baroda, Axis Bank, ICICI Bank and Kotak Mahindra fell 2 to 4pc. HDFC Bank slipped 1.37pc PNB and SBI fell 0.6pc each
Metal, banks, realty, oil& gas dip
At 1:15 pm Sensex dipped 101.90 points or 0.59% at 17125.78, and the Nifty was down 38.20 points or 0.74% at 5109.75.
Heavy selling in metal, banks, Oil&Gas, realty stocks continued to put pressure on the market, while buying was seen in auto and IT stocks.
In the largecap space, Tata Steel, Sterlite Industries, Hindalco and SAIL slipped 2 to 3pc.Axis Bank with 2.35pc loss beacme one of the top loser in the Nifty.
Auto stocks were the gainers with Maruti Suzuki and Hero Honda up 2.5pc and 1.75pc respectively.
Idea Cellular, Ranbaxy Labs and HCL Tech surged 1.3 to 1.5pc.
Volkswagen, Suzuki signs framework agreement in Tokyo, according to which Volkswagen will buy 19.9pc stake in Suzuki Motors.
Suzuki Motors which closes deal in Jan 2010 will hold 54% stake in Maruti Suzuki.
The top gainers in BSE Midcap space were KGN Industries, Nirma, Spice Communication,Peninsula Land and Motherson Sumi, while top losers were IndusInd Bank, REI Six Ten, Indiabulls, Shriram Transport Finance and Jai Corp
In BSE Smallcap space, Kernex Micro, Ador Welding, Sanghi Inds, Savita Oil Tech and GRUH Finance up 10 to 20pc were the top gainers, while NDTV, Varun Industries, Maharashtra Ele, HeidelbergCement and MarathonNextgen down 4 to 5pc were the losers.
Nifty consolidates; metal, pharma, tech gains
At 11:09 am Sensex plunged 20 points at 17,207 and the Nifty fell just 7 points to 5,140 and was consolidating.
Selling in banking, FMCG, metal and power stocks and heavyweight Reliance Industries put pressure on the market. But buying interest in pharma, capital goods, auto and select technology stocks including ONGC capped the losses to some extent.
Among the largecap, Ranbaxy Labs, Hero Honda, HCL Tech, Cipla, Sun Pharma, DLF, TCS and Wipro surged 1 to 2pc.
On the other hand, Sterlite Industries, Tata Steel, HDFC, Axis Bank, Reliance Infrastructure and Hindalco fell 0.9 to 2pc.
Suzlon was up 1pc after clinching 31.5 MW order from Rajasthan State Mines.
In the oil space HPCL was up 1pc, IOC rose 0.4pc while BPCL fell just 0.2pc.
In BSE Midcaps, top gainers, Spice Communication, KGN Industries, Peninsula Land, BF Utilities and Reliance Media were up 3 to 5pc.
BSE Midcaps top losers were IndusInd Bank, Simplex Infra, Shriram TransFi, Thomas Cook and Shree Cements down 1 to 3pc.
In BSE Smallcaps top gainers include Kernex Micro, GRUH Finance, Savita Oil Tech, Sanghi Industries and Nucleus Software were up 6 to 17pc while KPR Mill, Maharashtra Ele, Manaksia, NDTV and NRB Bearings down 3 to 5pc were the top losers.
Sensex declines 95 pts; Reliance Media World dips
Sensex retreated on the opening day due to weak global points. At 9:56 am, Nifty lost 28 points to 5,119 and Sensex was down 95 points to 17,132.
Among the frontliners losers in the early trade were Sterlite Industries, SAIL, Tata Steel, Cairn, Unitech, Jaiprakash Associates, Reliance Infrastructure, Reliance Industries, SBI, HDFC, ICICI Bank and DLF.
HCL which clinched five year multi-million pounds contract from News International gained 1.3 pc.
Buying interest was seen in BPCL, Ranbaxy Labs, Cipla and Sun Pharma.
In the midcap space, Karnex Micro rallied 10pc, Dena Bank and Essar Oil were up 1.5pc each, Mahindra Forgings surged another 6pc, Alok Industries rose 1.6pc, Time Technoplast was up 4.6pc, Astec Life was up 1.5pc and Hotel Leela was up 1.4pc.
Losers among the midcap space were Manaksia declined 1 pc and Reliance Media World fell for the consecutive days to 2.8pc.
Gammon Infrastructure which was the gainer when the market closed on Dec 8, delcined 1.7 pc.
10: 48 AM