Market was under pressure owing to selling in capital goods, metal, oil & gas exploration and select private financial companies' shares along with ITC, Hero Honda, Sun Pharma and Reliance Communication.
But, buying in realty, cement, select auto and power stocks along with SBI and HUL capped the losses to major extent.
Weak European cues added pressure in the later session of the trade.
Broader indices outperformed the benchmark indices for the second consecutive day. BSE Midcap Index rose 0.33pc and Smallcap surged 1.13pc.
Shah Alloys, Nitin Fire Protection, Wim Plast, Money Matters and Emkay Global locked at 20pc upper circuit and Jayant Agro-Org and Tinplate up 17 to 18.7pc were the top gainers.
On the bourses the most active shares were Tata Steel, Sesa Goa, Tinplate, HDIL, Kalindee Rail, ICICI Bank and Unitech.
Nifty trade in flat; metal, fmcg dip
After consolidating in the early trade, Nifty was trading flat.
At 1:OO pm the Nifty was down 1.90 points at 5186.05 and Sensex slipped 13.59 points at 17387.97 mark.
While Realty, IT and select banking stocks traded in positive, metal and FMCG stocks witnessed selling.
In Sensex, Infosys, ICICI Bank, SBI, TCS and Bharti Airtel stocks were positve contributors. However, Reliance, L&T, HDFC, ITC and HDFC Bank were negative contributors.
Among the Largecaps, ACC, Reliance Infra, Grasim, DLF and Infosys up 0.5-2pc were top gainers. Hero Honda, Hindalco, Sun Pharma, Tata Steel and NTPC down 1 to 2pc were the losers.
Top gainers on BSE Midcap were Gammon Infra, JM Financial, KGN Industries, Prism Cement and Nirma with 4 to 11pc gain.
Top Losers on BSE Midcap were Great Offshore, Apollo Hospital, Piramal Healthcare, Max India and Godfrey Phillip down 1 to 4pc.
In the BSE Smallcaps, Nitin Fire Protection, Tinplate, Money Matters, HSIL and Balkrishna Inds up 8 to 15pc were the top gainers, while top losers were BL Kashyap, Gee Kay Finance, Action Construction, Maharashtra Ele and Indoco Remedies down 2 to 4pc.
Nifty consolidates; telecom, bank gain
Nifty was consolidating as the previous closing value, while traders were cautious after three days of run up in the market ahead of the expiry on Thursday, Dec 31.
At 11:06 pm Sensex was trading at 17,405, up 0.63 points while the Nifty was at 5,184, down 3 points.
Buying were witnessed in Telecom, realty, cement, technology and private power companies' shares, along with ICICI Bank, Tata Motors and SBI.
Top gainers in the Largecaps were ACC, Grasim, Tata Motors, Infosys, Wipro and Reliance Power were up around 1pc, while Hero Honda, Hindalco, Sun Pharma, NTPC, HDFC Bank and SAIL lost 0.7 to 2pc.
Auto Stampings, Accel Frontline, Hilton Metal, Shah Alloys, Birla Ericsson and Alpine Hsg up 10-18pc were top percentage gainers.
Broader indices up 0.5 to 0.9pc owing to positive market breadth, continued to outperform benchmark indices for the second consecutive day.
Among the Midcaps, HSIL, Balaji Telefilm, Tinplate, Nitin Fire Protection and Kalindee Rail rose 6.7 to 10pc while BL Kashyap, Religare Tech, Gee Kay Finance, Oscar Invest and Action Construction slipped 3 to 4.6pc.
In the Smallcap space, HSIL, Balaji Telefilm, Tinplate, Nitin Fire Protection and Kalindee Rail went up 6.7-10pc. However, BL Kashyap, Religare Tech, Gee Kay Finance, Oscar Invest and Action Construction lost 3 to 4.6pc.
Sensex opens flat; pharma slips
Sensex opened at a flat note owing to quiet global cues.
At 9:56 am, the Sensex was trading at 17,406, up 5 points while the Nifty was at 5,186, down just 1.25 points. The CNX Midcap gained 17 points at 7,430 mark.
Buying interest were seen in Power, telecom, metal, cement and major banking stocks, while pharma stocks were under pressure.
Among the forntliners gainers were Reliance Power, Jindal Steel & Power, Reliance Infrastructure, Suzlon Energy, Bharti Airtel, SBI, Tata Steel, SAIL, HCL Tech, DLF, ICICI Bank, ONGC and TCS.
In the Midcap and Smallcap space, Kalindee Rail and Gallantt Metal surged 5 to 9pc, Lloyds Steel and SAL Steel gained 3pc each. Bank of Rajasthan, India Cements, Prism Cement and Orbit Corporation were up 2 to 3pc.
In the golbal cues:
Asian market showed mix trade. Shanghai rose 1pc and Taiwan Weighted surged 0.73pc. Jakarta and Nikkei were up 0.26 to 0.4pc. However, Hang Seng slipped 0.44pc. Kospi and Straits Times were flat.
US market ended flat. Dollar gained against Yen, Euro.