Euphoria of positive advance tax numbers was short-lived as equities gave away resistance and slipped in the red. The weakness in the Asian markets and lack of triggers dampened the sentiments.

At 12:10 pm, Bombay Stock Exchanges Sensex was at 17057.85, down 39.70 points or 0.23 per cent. The index touched a high of 17200.47 and low of 17050.83.

National Stock Exchanges Nifty was at 5093.35, down 12.35 points or 0.24 per cent. The broader index hit a high of 5129.45 and low of 5088.10.

Recent low of 4538 will remain a key support in near term. On correction both short term averages will help markets for sustainability around lower levels like we have seen earlier. On higher side 5180-5200 will remain crucial hurdle and is likely to attract some profit booking. In any case breach of 5200 by Nifty will need a fresh review. While on contrary consolidation above 5000 mark should be noted as a positive development for near term market outlook specifically if Nifty fails to achieve any directional trend.

Once again like previous trading sessions, key support for the day remains at 5080 levels with next support still lower at 5030 levels. Hurdle is seen around 5140-5150 on higher side. Breach above or below above mentioned range may provide fresh trading opportunity, said Reliance Money report.

BSE Midcap Index was down 0.15 per cent and BSE Smallcap Index gained 0.16 per cent.

Amongst the sectoral indices, BSE Bankex was down 1.25 per cent, BSE Auto Index slipped 0.69 per cent and BSE Power Index fell 0.30 per cent. BSE Healthcare Index was up 0.89 per cent, BSE FMCG Index moved up 0.75 per cent and BSE Metal Index moved 0.43 per cent higher.

Following companies were in action after making advance tax payment for the third quarter. According to reports, GlaxoSmithKline Pharma posted Rs 85 cr as advance tax as against Rs 67 crore (YoY), Hindalco posted Rs 100 crore vs Rs 40 crore (YoY), Grasim paid Rs 285 crore vs Rs 220 crore (YoY), Century Textiles paid Rs 49 crore vs Rs 3 crore (YoY), Crompton Greaves posted Rs 72 crore vs Rs 60 crore (YoY), L&T reported Rs 270 crore vs Rs 210 crore (YoY), HUL Oct-Dec adv tax stood at Rs 200 crore vs Rs 155 crore year ago, HDFC Oct-Dec adv tax stood at Rs 150 crore vs Rs 75 crore year ago and Tata Steel Oct-Dec advance tax was at Rs 6500 crore.

Hindalco Industries (1.39%), ITC (1.35%), Mahindra & Mahindra (1.21%), Tata Steel (1.13%) and Sun Pharma (0.76%) were amongst the top Sensex gainers.

Reliance Communications (-2.48%), State Bank of India (-1.82%), Maruti Suzuki (-1.80%), ICICI Bank (-1.33%) and Grasim Industries (-1.26%) were amongst the top losers.

Market breadth was negative on the BSE with 1444 losers against 1124 gainers.