Benchmark indices recovered from early losses to trade flat during the afternoon on Thursday.
Market opened on a weak note, tracking weak global cues. Indices were trading flat, supported by oil & gas stocks.
At 1:01 pm, the BSE Sensex was trading at 54,920.99, up 28.5 points or 0.05 per cent. It recorded an intraday high of 55,106.53 and a low of 54,507.41. The Nifty 50 was trading at 16,353.10, down 3.15 points or 0.02 per cent. It recorded an intraday high of 16,420.40 and a low of 16,243.85.
Dr Reddy, BPCL, Reliance , ONGC and Eicher Motor were the top gainers on the Nifty 50 while Tata Steel, Shree Cement, Tata Motors, Hindalco and Grasim were the top losers.
Rising oil prices, inflation concerns and continued FII selling have been weighing on market sentiments, as per experts.
Metals, PSU Bank under pressure
On the sectoral front, while metals, financials, realty and consumer durables dragged, oil & gas, Pharma and IT managed to retain gains.
Nifty Metal was down over 2 per cent while Nifty PSU Bank was down over 1 per cent. Nifty Bank, Nifty Realty and Nifty Consumer Durables were down 0.4 per cent each. Nifty Financial Services was down 0.33 per cent.
Meanwhile, Nifty Oil & Gas was up over 1 per cent. Nifty Pharma and Nifty Healthcare Index were up 0.28 per cent and 0.29 per cent, respectively. Nifty IT was up 0.22 per cent.
Broader market also faced pressure. Nifty Midcap 50 was down 0.26 per cent while Nifty Smallcap 50 was down 0.58 per cent. The S&P BSE Midcap was down 0.15 per cent while the S&P BSE Smallcap was down 0.26 per cent.
The volatility index softened 0.93 per cent to 19.65.