A key Indian equity index slipped into the red Friday after gradually moving down from its morning highs. The benchmark index was ruling 0.2 percent in the negative.

At 1.37 p.m., the sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 16,135.87 points, was ruling at 16,020.96 points -- 31.76 points or 0.2 percent down from Thursday's close at 16,052.72 points.

Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE) followed a similar path and was trading in the red at 4,756.2 points, down 0.22 percent.

However, broader market indices were holding on to their gains, with the BSE midcap index ruling 1.42 percent higher and the BSE smallcap index up 1.1 percent.

Market breadth was positive, backed by gains in majority of mid-to-small sized scrips, with 1,591 stocks advancing, 973 declining and 78 remaining unchanged.