The benchmark S&P BSE Sensex surrendered initial gains by slipping 43 points in morning trade on fresh selling, mainly in FMCG, teck and auto stocks.
The 30-share index resumed higher at 21,366.91 and firmed up further to 21,379.29 on persistent buying on the back of good foreign capital inflows, coupled with firm Asian cues.
However, it declined afterwards to 21,240.58 on fresh selling pressure before quoting at 21,246.65 at 1030 hours, showing a loss of 42.84 points, or 0.20 per cent, from its last close.
The NSE 50-share Nifty also moved down by 9.95 points, or 0.16 per cent, to 6,310.95 at 1030 hours.
Major losers were Bharti Airtel (4.45 pct), ONGC (1.75 pct), M&M (1.41 pct), Tata Motors (1.23 pct) and ITC (0.78 pct).
Among the gainers were - Tata Steel (2.20 pct), SSLT (1.47 pct), BHEL (1.32 pct), HDFC (1.31 pct) and Axis Bank (1.01 pct).
Foreign institutional investors (FIIs) bought shares worth a net Rs 713.29 crore yesterday as per provisional data from the stock exchanges.
Asian stocks edged up in their early trade as better- than-projected bank earnings boosted investor confidence and drove US stock gauges to record highs yesterday.
Key benchmark indices in China, Hong Kong, Japan, South Korea and Taiwan were up 0.04 per cent to 0.58 per cent; while indices in Indonesia and Singapore fell 0.05 per cent to 0.32 per cent.
