The 50-share NSE Nifty continued to trade in a narrow range of 5630-5660 since morning trade following directionless trade in European markets. State-owned gas transportation services provider GAIL, cement maker Ambuja Cements and realty major DLF were down 2-3 percent.
The 30-share BSE Sensex fell 27 points to 18,550.88 and the 50-share NSE Nifty declined 11 points to 5,637.30.
Private oil & gas producer Reliance Industries, top software services exporter TCS, country's largest lender State Bank of India and cement producer ACC declined 1 percent each.
Private sector lender HDFC Bank, drug producer Sun Pharma, steel manufacturer Tata Steel and FMCG major Hindustan Unilever were down 0.5 percent.
Shares of HDFC, ITC, Infosys, ICICI Bank, Bharti Airtel, BHEL, Maruti, NTPC and Wipro gained 0.4-1 percent.
Indo Rama Synthetics (India) surged 18 percent after the company posted a net profit of Rs 103.6 crore in the second quarter of FY13 as against loss of Rs 22.8 crore in a year ago period.
Deccan Chronicle Holdings (DCHL) rose over 2 percent to Rs 8.91 after the company's board members have agreed to execute MoU with Mumbai based real estate company Kamla Landmarc for sale of IPL team Deccan Chargers. Kamla Landmarc agreed to pay DCHL consideration of Rs 1,250 crore for the deal and also agreed to furnish DCHL bank guarantees.
The 50-share NSE Nifty remained floating at around the 5650 level due to lack of global and local cues. The consolidation indicates that the market already priced in positive US cues by rising over 100 points on the Sensex in early trade. Now it started concentrating on European markets, which opened flat to positive.
Indian shares continued to trade flat to positive after losing somewhat early gains. The 50-share NSE Nifty remained above the 5650 level, rising just 11 points to 5,659.
Indian equity benchmarks erased early gains and went near to previous day's low, weighed down by Reliance Industries and TCS. Metals stocks and State Bank of India too pared early gains.
The 30-share BSE Sensex opened Wednesday's trade with more than 100 points gap up following strong earnings from US that lifted Wall Street 1% yesterday.
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Like Bank Nifty; mkt has strong support at 7700: PhillipCap