IT, pharma and select realty, consumer durables and power stocks trade strongly while the benchmark BSE index Sensex continues to languish in the negative terrain with a sharp loss on account of heavy selling activity in Reliance Industries, Reliance Communications, Bharti Airtel, ACC, Tata Steel, SBI and Grasim Industries.

At 12:28 p.m., the Sensex lost 191.25 points 10,439.87, while the Nifty stood at 3087.30, down 54.80 points.

Reliance Industries, which opened on a weak note, slipped deeper into the red due to heavy selling at the counter this morning. The decision of the company to shut five of its polyester and petrochemicals units due to falling demand has contributed to the weakness of the stock today.

Stock market analyst Vishwas Agarwal said that in the current almost 3,000 points rally, 10,786 is an important hurdle on the Bombay Stock Exchange (BSE).

“I would like to advise to book some profit if anybody has bought in last four or five trading session. It doesn’t mean that market will see again the same panic fall but due to sharp jump in Index and stock prices markets will give some small corrections,” Mr. Vishwas added.

He also said, “I am looking for big opportunity in quality midcap stocks from F&O and cash segment as there is no threat of FII selling in this segment but FII have shares in all frontline stocks rather than all midcap stocks and all scrips are selling below their fundamental value so less investment and higher returns policy will work here. As said earlier BSE 10,786 is important level to sustain for further upmove.”