Indian equities rallied at the opening time on the back of encouraging global signals and domestic inflationary figures calming down to single digit levels.

But, stocks tumbled into the red zone because of profit booking.

Realty, metal stocks gained ground, while consumer goods, IT and oil & gas stocks have shed a major portion of their early gains.. BSE Midcap and Smallcap index declined 0.38% and 0.19% respectively.

The 30-share index BSE Sensex, today, opened with a gain of 262.92 points, at 9,799.25.

At 10:59 a.m., Sensex stood at 9,410.37, down 125.96 points, after touching a high of 9,836.11 and a low of 9,395.60. Meanwhile the broad based Nifty lost 9.60 points at 2,838.85 after hitting a high of 2,938.80 and a low of 2,824.05.

Overall market breadth was negative as it saw 889 advancements as against 963 declinations.

The major gainers in the 30-share index were Sterlite Industries (India), which gained 3.14%, Bharti Airtel zoomed 2.81%, Oil & Natural Gas Corporation profited 2.81%, Tata Power Company increased 2.15%, Reliance Communications surged 1.76% and Ranbaxy Laboratories climbed 1.63%.

The major losers in the Sensex included Reliance Industries, which shed 5.65%, Bharat Heavy Electricals lost 5.09%, Wipro declined 3.66%, Mahindra & Mahindra rejected 2.69%, Infosys Technologies slipped 2.48% and I T C slumped 1.56%.