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.

After opening with a loss of 33.11 points at 10,304.57, the 30-share index BSE Sensex continued to trade in a subdued manner.

IT stocks continue to languish in the red with sharp losses, and lost 6.12%, while realty, PSU, banking and FMCG stocks saw buying interest.

The BSE Midcap and Smallcap index gained 0.62% and 0.88% respectively.

At 12:59 p.m., the 30-share index lost 52.47 points at 10,285.21, after hitting a high of 10,387.19 and a low of 10,116.22.

The 30-share index BSE Sensex, on Wednesday (Oct 29), belled the day on a positive note on account of heavy buying action by funds on strong worldwide signals.

But, after staying high up in the positive zone for about half an hour, the stock market reversed trend and plummeted into negative in mid morning trade.

After witnessing a volatile session, Sensex finally closed marginally higher, due to settlement of October F&O series.

Indian stock markets belled the day on a firm note on account of positive global signs and sharp rally seen because of short coverings in yesterday’s session (Oct 13). 

IT, realty, banking, metal and power sectors moved up sharply. 

Mid-cap stocks gained 2.96%, while small-cap shares surged 1.83% today.

Asian stocks zoomed, driving Japan’s Nikkei 225 stock average to its largest gain in the last 18 years, after the US and European authorities decided to buy equity stakes in banking institutions. 

Alex Mathew, head - research centre, Geojit Financial Services, said that the stock market, on Tuesday (Sep 30), recovered a lot from its lows on reports from the Finance Ministry that state run banking institutions do not have risky exposure, and the fundamentals of Indian economic system are really strong. 

Mr. Mathew said, “It is very interesting to note that US Chicago Board Options Exchange’s volatility Index has increased by 39% to 48.4% and finally closed at 46.7% yesterday.”