After a smart opening today, Indian equities slipped into the negative terrain due to heavy selling pressure in select IT, realty, auto and FMCG stocks.

However metal and consumer goods stocks gained ground. BSE MIdcap and Smallcap index rose 0.55% and 0.27% respectively.

At 10.50 a.m., the 30-share index Sensex lost 95.21 points at 8,644.03 after hitting a high of 8,854.81 and a low of 8,620.71.

Meanwhile the broad based Nifty stood at 2,630.80, down 27 points, after touching a high of 2,693.65 and a low of 2,620.60.

Overall market breadth was positive as it saw 707 progressions as against 650 declinations.

The major gainers in the 30-share index were Tata Steel, Sterlite Industries (India), Tata Motors, Jaiprakash Associates, Larsen & Toubro and Grasim Industries.

On the other hand, the major losers in the Sensex were Mahindra & Mahindra (4.72%), Wipro (3.01%), Bharti Airtel (2.94%), DLF (2.64%), Maruti Suzuki India (2.40%) and ITC (2.39%).

Stock market analyst, Vishwas Agarwal said that the stock market looks in accumulation zone as PM is handling finance ministry and expected to declare some measures to deal with financial crisis hopefully during this week.

“The UPA government has few months left to prove themselves so it is anticipated government will surely take some stern steps to resolve internal security and financial issues in the country. If they succeed to do the same then this will be a vital issue in the upcoming general election,” Mr. Agarwal added.

He also said, “Market is not giving any signal for any drastic fall, even Nifty 2,200 level looks difficult, but overall it is expected that the markets will give good trading opportunities as global markets are also seeing a bit recovery.”