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Markets have turned flat in the early noon deals with the Sensex up 46 points at 18,727 and the Nifty gained 12 points to hover around 5,645 levels. The ones leading the gains were FMCG and financials.
In the broader markets, the midcap index slipped 0.4% while the smallcap index was marginally down 0.1%, both underperforming as compared to the Sensex which gained 0.2%.
Meanwhile, Asian shares edged lower and the euro wobbled on Tuesday as investors worried about potential future fallout from the Cyprus bailout scheme, after initial rallies on the last-minute rescue opened the way to book some profit.
Japan's Nikkei stock average fell 0.7%, after closing up 1.7% the day before.
The MSCI's broadest index of Asia-Pacific shares outside Japan pared some of its earlier losses to inch down 0.1%, after the Cyprus deal buoyed markets up by more than 1% on Monday.
Shanghai shares slid 1.9% and Hong Kong stocks fell 0.6%.
Back home, among the sectoral indices, Realty, Oil & Gas and Capital Goods slipped over 1-2% along with Power, Metal and PSU indices losing 0.1-0.4%.
On the other hand, FMCG index advanced 1% followed by Consumer Durables, Auto, IT, Bankex and Health Care indices gaining between 0.1-0.8%.
The top gainers among the Sensex-30 in early noon deals were Tata Motors, Bharti Airtel, Coal India, Hindustan Unilever, ITC, HDFC, ICICI Bank, HDFC Bank and TCS up 1-2%.
Among the losers were Gail India and Reliance Industries down 3% each along with L&T, Tata Steel, SBI, Tata Power, BHEL and Dr Reddys Lab down 0.5-1.7%.
In individual stocks, Shares in Tech Mahindra Ltd fell 1.3%, while Satyam Computer Services dropped 0.4%, a day after the companies said a long-planned merger between the two had been delayed by an additional six months up to September 30.
Indian Overseas Bank fell 2%, Syndicate Bank gave off 5% and Oriental Bank of Commerce fell 3% after Moody's Investors Service on Monday downgraded its standalone bank financial strength ratings for the three public sector banks.
The market breadth was marginally down with 1327 stocks down while 1111 stocks advanced on the BSE.
