After a high volatile trading session, the benchmark BSE Sensex, which opened nearly 7

RELATED ARTICLES Sensex snaps two-day rally, down 82 pts on poor IIP nos Sensex snaps two-day rally, down 82 pts on poor IIP nos Sensex snaps two-day rally, down 82 pts on poor IIP nos Sensex up 123 pts in late buying amid firm European mkts Sensex up 123 pts in late buying amid firm European mkts

points up at 17,229.72 this morning, ended the session at 17,009.17 with a decline of 213.84 points, or 1.24 per cent. The barometer hit a high of 17,248.69 today.

The S&P CNX Nifty index on National Stock Exchange also slid 50.85 points, or 0.99 per cent to close at 5,063.60.

Banking, FMCG and auto stocks fell. But IT stocks gained after US Internet firm Yahoo reported better-than-expected results on Tuesday. Realty stocks also rose.

Amongst the BSE sectoral indices, the BSE Realty index, TECk index and IT index added 0.26 per cent, 0.04 per cent and 0.03 per cent respectively.

While the BSE Auto index and FMCG index dipped 2.36 per cent and 2.06 per cent.

Overall market breadth remained weak on BSE with 1,180 advances, 1,562 declines and rest of the scrips remained neutral out of 2,834 scrips.

From the Sensex pack 6 stocks advanced, TCS (up 1.94 per cent), Tata Power (up 1.57 per cent), Bharti Airtel (up 1.22 per cent) and DLF (up 0.71 per cent) were remained the top gainers.

On the other side Tata Steel and Jaiprakash Associates dipped 3.96 per cent and 3.56 per cent from the same pack.

Markets @ 12.01 PM

The BSE Sensex flip-flopped and edged 0.2 percent lower on Wednesday, on resistance after a steep rally so far this year, while lower Asian shares added to the weak sentiment.

Profit booking in select stocks, such as State Bank of India and ICICI Bank, also weighed on the market.

The benchmark 30-share Sensex has more doubled from its 2009 lows seen in March, and rallied more than 78 percent so far this year, as foreign funds infused nearly $14 billion in Indian equities.

By noon (0630 GMT), the 30-share BSE Index was trading down 0.24 percent at 17,181.55, with 21 of its components declining.

"Resistance is coming in at these levels and people are booking profits in some stocks which have risen a lot," said Rajen Shah, chief investment officer at Angel Broking.

"Investors are churning their portfolios. They are exiting the stocks which seem to have peaked and entering those which missed out on participating in the rally," added Shah.

Reliance Industries, which has the highest weight on the Sensex, recouped some of Tuesday's losses, and rose 0.7 percent lower to 2,199 rupees. The stock had declined 1.8 percent on Tuesday.

The country's Supreme Court which began a hearing in the gas supply dispute between the energy and petrochemical major with Reliance Natural Resources on Tuesday, will continue to hear the case in the day.

Billionaire Mukesh Ambani-led Reliance Industries and Reliance Natural, controlled by younger brother Anil Ambani, are fighting over terms of a deal to sell natural gas to Reliance Natural at a rate below the price set by the government.

Top lender State Bank of India fell 1.6 percent to 2,426 rupees. The stock is up around 88 percent so far in 2009.

Private lender ICICI Bank also shed 1.7 percent. This stock has more than doubled since the start of this year.

Software services firms firmed on increased optimism over the growth outlook for the sector.

"With significant pent-up demand, we expect 2010 IT budgets to be strong," Citigroup Global Markets analysts Surendra Goyal and Vishal Agarwal said in a note.

"We believe that consensus estimates will continue to inch up over the next 6-9 months and recommend investors to participate in the recovery through TCS/Wipro," Citigroup Global Markets said.

Top software services firm Tata Consultancy Services rise 2.5 percent, while rivals Infosys Technologies and Wipro climbed 1.3 percent and 1.5 percent respectively.

In the broader market, 1,333 gainers led 1,1172 losers, with 186 million shares changing hands.

The 50-share NSE index was down 0.3 percent at 5,100.40.

STOCKS ON THE MOVE

* Iron ore exporter Sesa Goa tumbled 6.3 percent to 325 rupees, after it reported a 50 percent decline in its net profit for the September quarter.

* IT services firm HCL Technologies Ltd rose 4.1 percent to 322.90 rupees after it said it has tied up with Microsoft to provide retail banking solution to help banks in the Asia-Pacific.

MAIN TOP 3 BY VOLUME

* Ispat Industries on 5.4 million shares

* Spicejet on 4.1 million shares.

* PVP Ventures on 3.4 million shares

Markets @ 10.00 AM

The Bombay Stock Exchange benchmark Sensex fell by 48 points in early trade today as investors sold shares to book profits amid weak global cues.

The 30-share index fell by 48.21 points to 17,174.80 points. The barometer had lost 103 points yesterday.

The wide-based National Stock Exchange index Nifty dipped by 21.25 points to 5,093.20 points.

Brokers said markets fell on continued profit-taking by funds and general investors.

Weak trends in other Asian markets after overnight losses in US markets on poor housing data also dampened the trading sentiments here, they added.

Stocks of metals, banking and capital goods, which had recorded handsome gains in the recent run-up, attracted profit-taking.

Tata steel fell by 0.70 per cent to Rs 571.25, Sterlite Industries by 0.44 per cent to Rs 831.20, SBI by 0.74 per cent to Rs 2,447, ICICI Bank by 0.96 per cent to Rs 935.20, HDFC Bank by 0.25 per cent to Rs 1,683.50 and BHEL by 1.07 per cent to Rs 2,441.90.

The Hong Kong's Hang Seng was down 0.27 per cent, while Japan's Nikkei shed 0.11 per cent in the morning trade. The US Dow Jones Industrial Average ended 0.50 per cent down yesterday.