The key domestic benchmark indices remained directionless during the late noon trading session swinging between negative and positive territory amid lack of any major development on domestic front.
At 14:14 hours, the 30-share barometer index, SENSEX was trading at 28278.06 up by 54.98 points or by 0.19 per cent, while the NSE Nifty was at 8588.4, up by 20.45 points or by 0.24 per cent.
The traders remained on the sidelines on bets that the Federal Reserve will boost interest rates as soon as next month.
However, losses remained capped with RBI Governor Raghuram Rajan"s statement that the central bank will cut interest rate provided it feels confident that inflation will remain below 6 percent even after the reduction. Appreciation in Indian rupee too bounded the losses.
Meanwhile, the sentiments got some boost after India deferred the talks with the European Union on the proposed free trade agreement expressing disappointment and concern over the EU banning sale of around 700 pharma products clinically tested by GVK Biosciences.
In the choppy trade so-far, Sensex touched an intraday high of 28327.4 and an intraday low of 28163.69, while the NSE Nifty touched an intraday high of 8599.65 and an intraday low of 8551.5.
Major gainers on the D-street included Dr. Reddy's Laboratories Ltd. (Rs. 4317.00,+2.91%), Lupin Ltd. (Rs. 1714.95,+2.07%), Larsen & Toubro Ltd. (Rs. 1810.00,+1.77%), Tata Motors Ltd. (Rs. 383.05,+1.67%), Bharat Heavy Electricals Ltd. (Rs. 284.00,+1.28%), among others.
On the flip side, ITC Ltd. (Rs. 326.35,-1.61%), Coal India Ltd. (Rs. 431.10,-1.59%), Infosys Ltd. (Rs. 1079.60,-0.64%), Wipro Ltd. (Rs. 571.45,-0.55%), Reliance Industries Ltd. (Rs. 982.60,-0.51%), were among the top losers.
Among the sectors, FMCG, banking and auto along with metal sectors were witnessing selling pressure, while Consumer goods and healthcare sector looked in jubilant mood during the late noon trading session.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total 2835 shares traded, 1312 shares advanced, 1405 shares declined while 118 remained unchanged.
On the global front, Asian equities ended the day on a mixed note as a pickup in China services growth eased concerns over the outlook in the world"s second biggest economy, but speculation of an imminent hike in US interest rates limited gains.