Volatile Nifty slips into red; M&M tops buying list

Indian equity benchmarks erased all its gains, weighed down by further fall in Infosys and State Bank of India that dropped nearly 1.5 percent. Reliance Industries and ONGC too extended losses, losing 0.57 percent each. However, utility vehicle maker Mahindra and Mahindra (M&M) bucked the trend, rising 2.6 percent on expectations of good sales numbers in November.

M&M total automotive sales in October rose 29 percent year-on-year, to 53,438 units, its highest ever monthly sales, helped by strong demand for its passenger vehicles. Auto analysts feel the company may report good sales numbers in passenger vehicles segment due to Diwali festival.

The 30-share BSE Sensex declined 23 points to 18,315.86 while the 50-share NSE Nifty lost 6 points to 5,565.60.

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Country's largest two-wheeler makers Hero Motocorp and Bajaj Auto dropped 1 percent each. Pharmaceutical majors Sun Pharma, Dr Reddy's Labs and Cipla were down nearly 1 percent.

Cigarette major ITC, private sector lender ICICI Bank, telecom operator Bharti Airtel and engineering conglomerate Larsen & Toubro slipped 0.3-0.75 percent.

Housing finance company HDFC advanced 2 percent while lender HDFC Bank gained 0.6 percent.

Private power producer Tata Power and software services exporter Wipro were up 1.5 percent and 1.3 percent, respectively.

The Indian rupee, which gained more than 15 paise, fell 1 paise to 55.07 against the US dollar.

The market breadth worsened further; about two shares declined for every one share advancing on the National Stock Exchange.