Market breadth for Nifty 50 Index turned negative as 37 out of 50 Nifty shares were trading lower.

The S&P BSE Sensex and NSE Nifty 50 Indexes came off intraday low levels and were trading with marginally higher led by buying interest in HDFC, Infosys, Reliance Industries, ONGC and Bharti Airtel. However, the gains were capped as private sector lenders like Kotak Mahindra Bank, Axis Bank, Yes Bank and Sun Pharma were witnessing selling pressure. Earlier in the day, the Sensex fell as much as 187 points while the Nifty 50 Index dipped below its important level of 11,850.

As of 1:50, the Sensex rose 0.08 per cent or 32 points to 39,718 and the NSE Nifty 50 Index advanced 0.11 per cent or 14 points to 11,879.

Fourteen of 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Realty Index's 2 per cent decline. Metal, Bankex, Auto, Healthcare and Consumer Discretionary Goods & Services sector gauges also fell between 0.55 and 0.8 per cent each.

On the other hand, S&P BSE Power Index was top gainer, up 0.5 per cent.

Mid- and small-cap shares were also witnessing selling pressure as the S&P BSE MidCap and S&P BSE SmallCap Indexes fell 0.3 per cent each.

Yes Bank was top loser in the Nifty 50 basket of shares, the stock fell 7 per cent to Rs 101.60.

Tata Motors dropped 3 per cent to Rs 163.35 after its sales in domestic market fell 14 per cent to 49,073 units in June.

Hero MotoCorp and Bajaj Auto shares also dropped over a per cent each after their sales in June declined 5.4 per cent and 2 per cent each respectively.

On the flipside, UPL, ONGC, Bharat Petroleum, Wipro, NTPC, Indian Oil, Coal India and Bharti Airtel were among the notable gainers.

The overall market breadth was negative as 1,161 shares were declining while 805 were advancing on the BSE.