After opening positively at 16,352.32, The BSE benchmark index Sensex slipped into the negative zone in the morning trades because of weak global cues. IT sector continued to trade on really passive note owing to further rupee admiration. Rupee was quoting at 39.87 versus US dollar.

Asian stocks chop down from its eight-week record after Fed Reserve chairman Ben Bernanke expressed worries over the housing downturn situation in the US.

At 11.25 am, the Sensex gained 16.59 points and stood at 16364.54, while the Nifty climbed up 19.85 points at 4767.40. Around 1628 shares have advanced, 1323 shares slumped, and 80 shares remained at their previous places.

The BSE Midcap ascended 0.82% and BSE Smallcap arose 0.64% correspondingly.

Considering the existing market condition Sarabjit Kaur, VP Research, Angel Stock Broking stated that, stock markets expected to stay in the positive on the back of encouraging news flows. When questioned whether market will cross another turning point of 17k, she said that, Indian company’s basics continue to be firm, since results will shortly start flowing in, prospects are getting build up but she is not much sure whether it will touch this level soon.

She is confident on banking and software segment. Infrastructure industry continues to look strong, she added.

Amongst the sectoral indices, BSE Auto arose 0.48%, BSE Realty increased 1.52% and BSE Bankex climbed up 0.26%, while BSE IT rejected 1.06%.

The major players amongst the Sensex included Maruti which gained 0.76% to Rs 917.00, followed by L&T arose 0.49% at Rs 2,759.70 and Ranbaxy ascended 0.39% at Rs 409.10. The other gainers’ were Wipro, Reliance Energy, Reliance Comm, Grasim, Hindalco and ICICI Bank.

Laggards at the BSE Sensex included Wipro which rejected 1.73% to Rs 426.00, Satyam slumped 1.61% at Rs 414.50 and Infosys declined 1.32% at Rs 1776.00. TCS, HDFC Bank, M&M, HDFC and Ranbaxy also slipped.