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Markets gave off all its morning gains in early noon deals as weakness in ITC, HDFC and IT heavyweights weighed on the indices.
At 1250 hrs, the Sensex was down 23 points at 22,301 and the Nifty was down three points at 6,649.
However, the broader markets were mixed with the smallcap index up 0.3% while the midcap index gave off 0.2%.
Among sectoral indices, FMCG, Realty, Capital Goods and Health Care indices edged lower by 0.3-1%.
Bankex, Auto and Consumer Durables indices were the only gainers, up 0.2-0.5%.
Cipla and Wipro up over 1% each were the top gainers among sensex-30.
Some of the notable scrips in green were SBI, BHEL, Tata Motors, ICICI Bank, HDFC Bank, ONGC and Bajaj Auto up 0.4-0.9%.
Meanwhile, ITC, Tata Power, Hero MotoCorp, Sun Pharma, HDFC and TCS were weak by 0.5-1.5%.
Index heavyweights, Infosys, L&T declined 0.3% each.
The market breadth w as negative on BSE. 1,312 stocks declined while 1,124 stocks advanced.
In individual names, Union Bank of India dipped over 7% to Rs 138 on the BSE, after the bank said its gross non-performing assets (NPAs), as a percentage of total assets, increased to 4.08% in the March quarter from 3.85% at the end of December quarter.
Shasun Pharmaceuticals is locked in upper circuit for second straight day, up 10% at Rs 165 on the NSE, after Morgan Stanley Asia bought nearly one per cent stake in the company for a total consideration of Rs 5.9 crore.
Procter & Gamble Hygiene and Health Care (P&G) rallied 5% to Rs 3,612 after reporting a strong 55% year-on-year (yoy) jump in net profit at Rs 80.76 crore for the quarter ended March 31, 2014 (Q3), on the back of higher sales. The personal care products maker had reported a profit of Rs 52.09 crore in the same quarter a year ago.
Asian Markets
Asian shares got a lift on Thursday from dovish comments by the US Federal Reserve chief and upbeat Chinese trade data that suggested some signs of stabilisation in the world's second-largest economy.
Risk assets were also underpinned by signs of easing tensions in Ukraine after Russian President Vladimir Putin called on pro-Moscow separatists to postpone a secession vote.
Tokyo's Nikkei share average rose 0.9% while MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5%, inching away from five-week lows hit on Wednesday.
