The Nifty ended the day flat in the volatile trade as investors remained confused over the outcome of the Bihar elections.
Marketmen are awaiting the result of the Bihar election due on Sunday, which remains crucial to push the NDA's reform process.
Bhel slumped after it reported a loss for the quarter ending March. Dr Reddy's fell a huge 14% after the company got a warning letter from the US FDA for three of its plants.
State Bank of India lent good support to the markets after its Q2 net profits beat estimates. Punjab National Bank too gained ground after non performing assets at the bank managed to stabilize.
For a change, private sector banks were falling, while PSU banking stocks gained. ICICI Bank, Yes Bank and Federal remained subdued in trade.
Midcap stocks saw a good sell-off with the index seeing cuts of almost 0.75 per cent. Notable losers from the space were Century Textiles, Divis Labs, SRF and Reliance Capital. Shares in PFC fell 8 per cent.
Eicher Motors and Voltas, which both declared numbers today saw their shares declining, as profits lagged estimates.
Meanwhile, markets across Asia ended the day mixed, though the Chinese Shanghai Composite continued to rally in trade. Europe was trading with marginal losses.