The breadth of the market favoured declines, with 689 stocks advancing, 893 declining and 453 remaining unchanged. On BSE, 789 stocks advanced, 866 declined and 88 remained unchanged.
The market is trading flat, with the Nifty up 16 points at 10,613. The Sensex is up 61 points at 34,909.
CNX PSU banks has outperformed the broader indices led by Bank of India, State Bank of India, Bank of Baroda, Canara Bank and Allahabad Bank.
CNX IT is up half a percent led by Tata Consultancy Services (TCS), up 2 percent, followed by Mindtree which added 1.5 percent.
The Bank Nifty was also up in morning trade led by BoI, which jumped 4 percent, and ICICI Bank, up 1.5 percent. Punjab National Bank, State Bank of India and Bank of Baroda were the other gainers.
Realty stocks are trading weak, dragged by Indiabulls Real Estate, Sobha Developers, DLF, Godrej Properties and HDIL.
Telecom stocks are trading higher led by Reliance Communications, which jumped 5 percent, followed by Bharti Airtel and Idea Cellular.
Auto stocks were trading lower, dragged by Amara Raja Batteries and Askok Leyland, which fell 5 percent each. Maruti Suzuki, TVS Motor and Exide Industries were the other losers.
The top gainers among Nifty constituents were UltraTech Cement, TCS, SBI, ICICI Bank and Bharti Airtel.
The most actively traded stocks on the NSE were TCS, up over 2 percent, and Maruti, which fell over 2 percent. Ashok Leyland, Century Textiles and Dewan Housing Finance were the other actively traded stocks.
Some of the top gainers on BSE were Balrampur Chini, Inox Wind, BoI, RCom and Reliance Naval.
The top losers on BSE were Amara Raja Batteries, which tanked over 6 percent. Century Textiles, Ashok Leyland, Indiabulls Ventures and Just Dial were the other losers.
Britannia Industries, Colgate Palmolive, Hindustan Unilever and TCS were some of the stocks that hit fresh 52-week highs in morning trade.
On the other hand, 132 stocks hit a new 52-week low. These include ABB, Ajanta Pharma, Bharat Heavy Electricals, Can Fin Homes, Castrol India, Ceat, Glenmark Pharma, Jet Airways, Rural Electrification Corporation, Tata Motors and Vakrangee.The breadth of the market favoured declines, with 689 stocks advancing, 893 declining and 453 remaining unchanged. On BSE, 789 stocks advanced, 866 declined and 88 remained unchanged.