12:18
Moneycontrol BureauLive Market Commentary
The market erased more than half of its gains in noon trade on profit booking in metals stocks. Index heavyweights HDFC, Reliance Industries and TCS are also under pressure.
The Sensex is up 70.58 points at 19965.68, and the Nifty is up 21.45 points at 5927.60 after losing 185 points and 54 points from day's high, respectively.
Bankex too shed more than 250 points from its day's high, which is up 1.1 percent to 11602.
India's largest private sector lender ICICI Bank gained more than 2 percent followed by its rival State Bank of India with 0.5 percent gains. However, HDFC Bank shed all its gains, falling 0.2 percent and HDFC slipped 0.4 percent.
Top IT services exporter TCS fell 0.44 percent on profit booking.
Meanwhie, Tata Power shares gained 1.6 percent as its subsidiary has signed share purchase agreement for wind farm in Gujarat.
Videocon Industries , which holds spectrum in 7 circles and operates in 4 circles, is looking to divest 26 percent stake in telecom subsidiary, reports CNBC-TV18 quoting sources. It is learnt that the company is in talks with 1 European and 2 US telecom companies for stake sale. The stock gained 4 percent.
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