At 1PM, the Bombay Stock Exchange's 30-share index Sensex rose 4 points to trade at 19,585 while the National Stock Exchange's 50-share Nifty declined 7 points at 5,932.
In the results calendar, GMR Infra, Hindalco Industries, Mahindra & Mahindra are scheduled to unveil Oct-Dec earnings later in the day while Dishman Pharma, Indian Hotels, JSW Ispat, ONGC, Tata Power on Monday.
Meanwhile, Asian markets traded mixed too as investors preferred to remain on the sidelines with key regional markets such as Hang Seng and Shanghai shut next week.
Chinese markets are closed next week for the Lunar New Year holiday, while Hong Kong will resume trading on Thursday. .
Hong Kong's Hang Seng rose 0.18% to 23,218, Singapore's Straits Times gained 0.34% to 3,273, China's Shanghai Composite added 0.57% to 2,442 and Japan's Nikkei fell 1.8% to 11,153.
Back home, metal, FMCG PSU, real-estate, banks declined while IT, capital goods sector rose on BSE.
Among key Sensex stocks, TCS and Wipro gained 3% and 1.3% while Infosys added 0.2% respectively, HDFC and HDFC Bank gained 0.6% and 1% , Tata Motors rose 0.1% on BSE.
Among losers, Cipla and Dr Reddy's dropped 3.7% and 1% respectively, Sterlite Industries and Jindal Steel fell 2.5% and 0.3% , ONGC declined 1%, ICICI Bank and SBI shed 0.3% and 1% respectively on BSE.
The other key notable movers include, MRF has gained over 2% to Rs 13,430 after the company has posted a net profit of Rs. 180 crore for the quarter ended December 31, 2012 as compared to Rs. 113 crore for the quarter ended December 31, 2011.
Jyothy Laboratories has gained over 2% on hopes of an improvement in their margins in the following quarter.
The broader markets traded negative with mid-caps and small-caps falling 0.3-0.4% on BSE.
The market breadth is negative. Out of 2,600 stocks traded, 1,521 stocks declined compared to 963 advances on BSE.