The stock market continued to trade in negative terrain because of heavy selling action witnessed across some of the frontline stocks.

Auto, consumer goods, metal and IT stocks have registered sharp losses.

While some modest buying was seen in the smallcap space, a number of midcap stocks were struggling in the red zone because of sustained selling pressure.

The market breadth was weak. Out of 2381 stocks, 1329 stocks were down in the negative territory. 961 stocks recorded gains and 91 stocks traded flat.

At 1.19 p.m., the 30-share index Sensex stood at 9,488.48, down 47.85 points, after hitting a high of 9,836.11 and a low of 9,302.30.

In the meantime, the broad based Nifty lost 7.50 points at 2,855.95 after touching a high of 2,938.80 and a low of 2,794.50.

The major gainers in the 30-share index were Bharti Airtel, which gained 5.25%, Reliance Communications zoomed 4.01%, Reliance Energy profited 3.79%, HDFC Bank increased 3.08%, Tata Power Company surged 1.51% and Ranbaxy Laboratories climbed 1.38%.

The major losers in the Sensex included Tata Motors, which shed 5.11%, Mahindra & Mahindra lost 3.86%, Jaiprakash Associates declined 3.70%, Housing Development Finance Corporation rejected 2.85%, Sterlite Industries (India) slipped 2.55% and Bharat Heavy Electricals lost 2.54%.