The S&P BSE benchmark Sensex failed to maintain initial gains and dropped by 51 points in late Monday morning trade on fresh selling, mainly in auto, power, consumer durable and refinery sectors, despite buying in IT, tech and metal sectors.
The Sensex resumed higher at 19,859.22 on good demand, mainly in IT sectors. However, it declined afterwards to quote at 19,709.57 at 1030 hrs, showing a net loss of 50.73 points or 0.26% from its last close.
The NSE 50-share Nifty also moved down by 8.45 points or 0.14% to 5,977.50 at 1030 hrs.
Major losers were Bajaj Auto (3.32%), Maruti (2.50 per cent), Hero Motocorp (2.03%), Sunpharma (1.58%), NTPC (1.46%), Reliance Ind (1.42%), Tata Power (1.34%), and Tata Motors (1.16%).
However, Infosys rose by 5.47% followed by Wipro (1.44%), Bharti Airtel (1.41%), Dr Reddy (1.26%), Cipla (1.21%) and Coal India (1.20%).
Auto stocks fell as auto companies reported weak sales for the month just gone by. Shares of two-wheeler makers declined as PSU OMCs raised petrol price.
Infosys jumped nearly 6% after the company said that its board has appointed N R Narayana Murthy into the board and executive leadership of the company.
Asian stocks showed a mixed trend. Key benchmark indices in Indonesia, Japan, Singapore, Taiwan and South Korea shed 0.19% to 2.05%, while indices in China and Hong Kong rose by 0.28% to 0.53%.