Benchmark indices erased their early morning gains as index heavyweights like ITC and TCS pared the gains of Sun Pharma and Tata Steel.
At 14:35 hours, the Sensex was down 23 points at 20,288 and the Nifty 50 was down 3 points at 6,033.
Broader markets continued to slightly outperform the benchmark indices, with BSE Midcap and Smallcap indices gaining between 0.5-0.7% each.
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Japan's Nikkei average jumped 2.12%, its biggest daily percentage rise since January 29, as investor sentiment brightened on hopes for an upbeat US jobs report later in the day. Recovering from a four-month trough of 13,995.86 set earlier this week on Wednesday, the Nikkei ended at 14,462.41. Singapore's Straits Times was up 0.8%, while Hong Kong's Hang Seng gained 1%.
BSE Metals, Realty, and Healthcare continued to outshine, gaining by 1.44%-2.45% each. FMCG and IT shares remained weak, and were down by more than 0.3%-0.4% each. All other sectoral indices were trading higher than their previous close. Tata Steel was the biggest gainer and was up by more than 5% to Rs. 381.
Tata Power trimmed its gains and was down 0.2% as its consolidated net loss narrowed to Rs 75 crore for the quarter ended December 31, 2013, compared to a net loss of Rs 329 crore posted in the same period last year.
Among other shares, Jubilant Life Sciences has increased by 5% to Rs 139, as its net profit more than quadrupled to Rs. 143.43 crore for the quarter ended December 31, 2013. Revenues increased by 10% during the same period.
Market breadth was positive with 1317 advances and 1083 declines, while 158 scrips remained unchanged on the BSE.