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Benchmark indices are trading in a tight range with Sensex and Nifty oscillating between negative and positive zone.
By 10:35, the 30-share BSE Sensex was lower by 18 points at 28,102, while the broad-based NSE Nifty has slipped by 9 points at 8,430.
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.4% each.
The market breadth in BSE remains positive with 1,217 shares advancing and 888 shares declining.
The top losers on the Sensex are Tata Power, Hindalco, ITC, ONGC and NTPC.
On the gaining side, Dr Reddy’s Labs, TCS, Sun Pharma, Wipro and ICICI Bank have gained between 1-2%.
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Updated at 9:45
Markets have turned flat after making a lower opening tracking weak global cues.
Indices posted their largest single-day loss in nearly two months yesterday led by a decline in technology shares after four promoters of Infosys pared their holdings in the company.
By 9:43, the 30-share BSE Sensex was higher by 9 points at 28,128, while the broad-based NSE Nifty has slipped by 2 points at 8,437.
Meanwhile, markets have also reacted to the CAD data. A sharp rise in gold imports and a fall in export growth pushed India's current account deficit (CAD) to $10.1 billion (2.1 per cent of gross domestic product) in the financial year's second quarter, ending September, compared to $5.2 bn (1.2 per cent of GDP) for July-September 2013.
However, foreign institutional investors were net buyers in Indian equities worth Rs 4,984.60 crore on Monday, as per provisional stock exchange data.
On the global front, Asian share markets were mostly in the red on Tuesday while the US dollar began to edge higher once again aided by a media report the Federal Reserve might take a rhetorical step toward tightening at its meeting next week.
Oil prices also extended their long crash with US crude hitting its lowest in five years amid a glut of supply and pressuring energy stocks globally.
Japan's Nikkei eased 0.47%, but that follows a run of strong gains which took it to its highest since July 2007. Chinese shares have also been on a tear with the CSI300 index of the largest listed companies in Shanghai and Shenzhen at levels last visited in 2011.
Back home, BSE Capital Goods, Consumer Durables, Metal and Power indices have declined by nearly 1% each. However, defensive sectors like Healthcare and IT are trading in positive zone, up by nearly 1% each.
The Supreme Court on Monday dismissed nearly 20 applications of power and steel companies seeking exemption from its judgment which cancelled 204 coal mining licences issued since 1993.
Jindal Steel & Power, Essar, Monnet Ispat and other noted companies involved in power, steel and cement business requested the Supreme Court to review the decision of cancelling the coal block allocations made to them.
The main losers on the Sensex are Hindalco, L&T, BHEL, NTPC, Coal India and Axis Bank.
On the gaining side, Sun Pharma, TCS, DR Reddy’s Labs, M&M, Tata Motors and Infosys have gained between 0. 5-2%.
Sun Pharma has gained around 2% as its bid to acquire Ranbaxy has received approval from CCI, though with certain riders. Ranbaxy has gained over 3%.
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.2%.
The market breadth in BSE remains marginally positive with 772 shares advancing and 557 shares declining.
