Benchmark indices were trading flat during the afternoon on Wednesday.
Market opened on a positive note amid mixed global cues. However, indices erased all early gains to trade flat during the afternoon, witnessing selling pressure across multiple counters.
At 1 pm, the BSE Sensex was trading at 54,288.49, down 29.98 points or 0.06 per cent. It recorded an intraday high of 54,786.00 and a low of 54,130.89. The Nifty 50 was trading at 16,259.35, up 0.05 points. It recorded an intraday high of 16,399.80 and a low of 16,211.20.
Adani Ports, Tata Consumer, Ultratech Cement, Asian Paints and Cipla were the top gainers on the Nifty 50 while Powergrid, BPCL, Bharti Airtel, Bajaj Finserv and Tata Motors were the top losers.
FMCG, Pharma in focus
On the sectoral front, a majority of indices were in the red.
While Realty, PSU Bank, Oil & Gas and Metal dragged, pharma, healthcare and FMCG gained focus.
Nifty Realty was down over 1 per cent while Nifty PSU Bank was down nearly 1 per cent. Nifty Oil & Gas and Nifty Metal was down 0.2 per cent.
Meanwhile, Nifty Pharma was up over 1 per cent while Nifty Healthcare Index was up 0.75 per cent. Nifty FMCG was up 0.69 per cent.
Broader indices
Broader market also faced pressure.
Nifty Midcap 50 was down 0.04 per cent while Nifty Smallcap 50 was up 0.05 per cent. The S&P BSE Midcap was down 0.04 per cent while the S&P BSE Smallcap was up 0.31 per cent.
The volatility index softened 0.51 per cent to 22.63.