Benchmark indices were trading flat as Asian markets fell despite strong closings across the European and US markets.
SUN TV saw huge selling pressure after Dayanidhi Maran's Anticipatory Bail was cancelled by the Madras high Court.
Tata Motors which saw huge selling pressure on Monday following a poor set of results managed to hold ground.
IT stocks saw some buying support after the rupee weakened sharply against the dollar. Infosys and Tech Mahindra were the early gainers in trade.
PSU banking stocks saw some buying support ahead of the results from State Bank of India, PNB, Canara Bank and Syndicate Bank were all trading higher.
Motherson Sumi which has been witnessing sustained selling pressure since declaring its results saw some buying support and was trading with gains of one per cent.
Mid cap shares continued their rally with Wockhardt, UBL and Mind Tree among the gainers.
Meanwhile, markets across Asia fell after China devalued the Yuan.