Indian markets pared all its gains and fell shaply in the noon trade on Friday led by selling pressure seen in realty, oil & gas and FMCG stocks. Both Sensex and Nifty were trading below 2-month low.

At 12.39 p.m., the Sensex was trading down 119.52 points or 0.44% at 27,338.06 with 21 components falling. Meanwhile, the Nifty was trading lower by 30.65 points or 0.37% at 8,311.50 with 42 components falling.

Major gainers in the 30-share index were Infosys (3.32%), Hindalco Industries (1.39%), NTPC (1.15%), Tata Consultancy Services (1.07%), Larsen & Toubro (0.95%), and H D F C Bank (0.77%).

On the other hand, Bharti Airtel (4.34%), Reliance Industries (2.96%), Bharat Heavy Electricals (2.81%), Wipro (2.30%), Tata Power Company (2.16%), and Axis Bank (2.10%) were the biggest losers in the Sensex.

The BSE Mid and small caps underperformed their larger counterparts declining -1% and -0.68% respectively.

The Realty index was at 1,605.80, down by 36.23 points or by 2.21%. The Oil & Gas index was at 9,092.44, down by 173.54 points or by 1.87%. The FMCG index was at 7,598.68, down by 108.5 points or by 1.41%. On the other hand, the IT index was at 11,403.32, up by 148.01 points or by 1.32%.