The Indian equity benchmarks were largely flat on Tuesday as buying interest in HDFC, Asian Paints, Hindustan Unilever, HDFC Bank, ITC and HCL Technologies was offset with selling pressure in Infosys, ICICI Bank, Axis Bank and State Bank of India. The Sensex fell as much as 122 points and Nifty 50 index was trading near its important psychological level of 17,400.
As of 9:25 am, the Sensex was down 113 points at 58,209 and Nifty 50 index declined 21 points to 17,357.
Meanwhile, global stocks inched higher on Tuesday to a record high for the eight straight session as investors wagered the US Federal Reserve is likely to delay the start of tapering its asset purchases after the soft US jobs data.
Japanese shares extended their bull run on hopes the ruling Liberal Democratic Party will compile additional economic stimulus and easily win an upcoming general election after the country's unpopular Prime Minister Yoshihide Suga said he would quit.
Tokyo's Nikkei rallied as much as 1.3 per cent, moving past the psychological barrier of 30,000 for the first time since April, also helped by a reshuffle in the Nikkei.
Back home, eleven of 15 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Realty index's 1.4 per cent decline.
Nifty Bank, Financial Services, Information Technology, PSU Bank, Pharma, Healthcare and Private Bank indexes also fell between 0.2-0.6 per cent.
On the other hand, Nifty Metal, FMCG and Consumer Durable shares were witnessing buying interest.
Mid- and small-cap shares were trading on a mixed note as Nifty Midcap 100 index fell 0.1 per cent while Nifty Smallcap 100 index advanced 0.24 per cent.
Axis Bank was top Nifty loser, the stock fell 1.42 per cent to Rs 789. Kotak Mahindra Bank, Sun Pharma, ICICI Bank, Wipro, State Bank of India, Dr Reddy's Labs, Infosys, SBI Life, Bharti Airtel, Grasim Industries, Tata Motors and Bajaj Finance also fell between 0.3-1 per cent.
On the flipside, Asian Paints, Tata Consumer Products, Eicher Motors, ITC, Reliance Industries, Maruti Suzuki, Tata Steel, Coal India and Titan were among the gainers.
The market breadth was marginally positive as 1,412 shares were advancing while 1,124 were declining on the BSE.