Benchmark indices opened the day flat, while Asian markets were trading marginally lower, ahead of a speech by US Fed Chair, Janet Yellen.
The speech is being eagerly watched by analysts to see, if Yellen drops hints of a rate hike, sooner than later.
ONGC was trading higher after the firm unveiled a Rs 34,000-crore plan to develop its KG Basin fields.
Banking stocks were trading mixed with ICICI Bank and Canara Bank among the early losers, while State Bank of India, Axis Bank and Bank of Baroda gained ground.
NBCC was trading higher after reports that the company has sought shareholders' approval for stock split.
Midcap stocks were also subdued with the index trading flat. Unitech, Star and Sun TV were the early losers from the midcap space.
GVK Power was higher after reports that Watsa's Fairfax Financial Holdings plans to buy 33% of Bangalore International Airport Ltd from the company.
IT stocks were seeing some early pressure in trade with Infosys, Wipro and TCS among the early losers.
Meanwhile, most of the Asian markets were trading lower with the Hong Kong's Hang Sang, the Japanese Nikkei and the Strait Times all lower.