Mumbai: Equity gauges swung wildly but were largely flat during early hours on Tuesday after two days of strong gains following the government's announcement on lowering of corporate taxes to revive economic growth and boost investments.
At 10:15 am, the BSE S&P Sensex was up by 104 points at 39,194 while the Nifty 50 gained by 30 points at 11,630. At the National Stock Exchange, all sectoral indices were in the red except for IT, pharma and auto.
Among stocks, index heavyweight Reliance Industries gained by 2.7 per cent at Rs 1,272.60 per share. IT majors Infosys, Tata Consultancy Services and Tech Mahindra gained between 1.6 and 1.9 per cent each.
The other prominent gainers were Maruti, Tata Motors, Vedanta, ONGC, Sun Pharma and Britannia.
However, Indian Oil Corporation lost by 2.6 per cent to trade at Rs 138 per share while Bharat Petroleum Corporation was down by 1.9 per cent to Rs 442.25 apiece. Auto majors Eicher Motors and Hero MotoCorp slipped by 2.3 per cent and 1.9 per cent respectively.
Yes Bank, Bajaj Finance and Titan lost by 2.2 per cent each while Larsen & Toubro, JSW Steel and Asian Paints were down by 1.8 per cent each.
Meanwhile, global shares ticked up after US Treasury Secretary Steven Mnuchin said trade talks with China will resume next month. But doubts lingered over the slowing global growth amid geopolitical tensions in the Middle East.
MSCI's broadest index of Asia Pacific shares outside Japan moved up 0.06 per cent supported by 0.4 per cent gains in mainland Chinese shares while Japan's Nikkei edged up 0.20 per cent after a market holiday on Monday.
Hong Kong's Hang Seng index advanced by 0.11 per cent while South Korean Kospi was fractionally lower.