Benchmark indices were trading flat even as global cues remained mixed. The Sensex was trading with gains of 50 points, while the Nifty was up 10 points in early trade.
Other metal stocks also lost ground in trade along with Jindal Steel. Sesa Sterlite and Tata Steel were the top losers fom the Nifty.
Shares in NTPC, which have been seeing heavy selling pressure in the last few trading sessions, manged to buck the trend. Other Nifty winners were Bharti, Wipro and Tata Motors.
Reliance Infra fell after India ratings cut the company's ratings. Suzlon, J P Associates and Unitech continued to top the volume charts.
Banking shares continued to trade with losses with Kotak, Punjab National Bank and State Bank of India among the losers.
Meanwhile, Asia markets were trading mostly flattish in the absence of any major cues. Most of the markets saw modest gains with the Japanese Nikkei notching smart gains.