Sensex ends flat; Bank Nifty up 1%, Tata Motors falls 3%

Sinha says that irrespective of whatever happens in the aforementioned parameters, IT and pharma are likely to outperform this year.

On the IT sector, however, Sinha is more bullish on the madcap names like MindTree and Persistent Systems. “This is because not only do they have good momentum in their earnings, they also have good corporate governance to give you that comfort,” he adds.

 3:25 pm Results:  Auto component maker Motherson Sumi Systems, the flagship company of the Samvardhana Motherson Group, recorded best ever performance on every parameter in the third quarter of FY14.

"The company has delivered its best ever results in revenues as well as operating margins for a quarter. This is exceptional performance both in domestic and overseas businesses in current market conditions," VC Sehgal, Chairman.

Consolidated net profit jumped 2.4 times to Rs 249.6 crore, aided by forex gain and strong operational performance. Total income from operations grew 20 percent to Rs 7,988.7 crore compared to a year ago period.

3:15 pm Exclusive: BJP leader and former finance minister Yashwant Sinha said he was all for a citizen identification process and the direct cash transfer mechanism. However, he said the Aadhar scheme introduced by the UPA government was flawed, and would not be the basis for transferring cash directly to those eligible for subsidy, in case the BJP came to power at the Centre this year.

Instead, Sinha said the National Population Register (NPR) floated by the BJP when it was in power would be revived and be made the instrument for direct cash transfer.

He was participating in a discussion with CNBC-TV18's Latha Venkatesh and Sonia Shenoy in the show 'Business of Governance'. "You mess up things first and then want to withdraw," Sinha said, responding to the UPA's decision that Aadhar would not be the basis for cash transfer.

 Don't miss: FAA downgrades India's aviation safety ranking

The Nifty is rangebound between 6070 and 6090. The Sensex is up 14.25 points at 20512.50, and the Nifty is up 19.25 points at 6092.95. About 1499 shares have advanced, 1031 shares declined, and 204 shares are unchanged.

PSU banks lead the Bank Nifty higher. IT, real estate, metals and media are the big sectoral gainers. Auto stocks are negative.

It is a dull day for Asia despite the overnight recovery on Wall Street. The Chinese markets are shut for New Year holiday.

Rupee is higher tracking strength in equities. However, slight weakness in the euro and some emerging marker currencies weighs. Gilts fall further on concerns of subdued demand from long term investors at today’s auction.