The BSE benchmark Sensex, which bounced by 189 points during morning trade on Wednesday, faced resistance at higher levels on fresh short covering and roll over of positions ahead of December series.
Generally, operators were engaged in squaring positions before November contract of derivatives expired on Thursday.
The 30-share index started off strong at 19,316.76, a gain of 189.03 points over previous close of 19,127.73.
Later, it faced some resistance and fell to 19,225.30, down 97.57 points, at 10.30 am.
The broader S&P CNX Nifty of the National Stock Exchange also was quoted up 19.25 points at 5,717.40 at 10.30 am from yesterday's close of 5,698.15.
Market players said about 51 per cent open positions in Nifty futures have already been rolled over to December series. The total roll over in the F&O segment was in the range of 42-45 per cent with two more days for expiry of contract.
The roll over is relatively low and will determine the future direction of the market, they added.