Indian benhmark indices closed flat on Tuesday after starting on a high and then moving into the red today.
The BSE Sensex ended at 29,921.18, up 2.78 points (0.01%) while the Nifty50 settled the day at 9,313.80, up 9.75 points (0.10%).
Analysts said they expect indices to trade range-bound as companies continue to report results, though the overall outlook remains hopeful about an economic recovery.
"Markets are in a consolidation mode as the corporate earnings season unfold," said Rakesh Tarway, head of research, Reliance Securities Ltd. "Till the end of the earnings season, we can only expect to see a day-to-day sector-based or stock-based impact on the indexes based on the earnings performance," reported Reuters.
Shares of most Indian auto makers however rose after they reported a jump in April vehicle sales on Monday.
Maruti Suzuki gained as much as 2.53 per cent to a record high of 6,690 rupees, while Eicher Motors rose 2.61 per cent to a record high of 26,747.90 rupees.
Oil refiners, IOC, BPCL and HPCL rose on hikes in petrol and diesel prices.
Among the losers were Ambuja Cement, Tata Motors DVR, Bharti Airtel and Lupin.
PMI business survey showed that Indian factory activity expanded for the fourth straight month in April with increased output and growth.
Benchmark Sensex failed to maintain the 30,000-level during the late morning session due to fresh selling in telecom and power counters amid strong foreign capital outflows.
At 11.56, the S&P BSE Sensex was trading at 29,863.66, down 54.74 points while the Nifty50 was trading at 9,288.90, down 15.15 points.
However, shares of consumer durables and realty firmed up on good buying enquiries.
Foreign funds sold net shares worth Rs 1,150.45 crore last Friday, as per provisional figures issued by stock exchanges.
Major losers were Reliance 1.54 per cent, Tata Motors 1.22 per cent, Bharti Airtel 1.16 per cent, Power Grid 1.01 per cent and Sun Pharma 0.95 per cent.
Sensex reverses gains to trade at 29,864.68, falling 53.72 points while Nifty50 was trading at 9,290, down 13.95 points.
Maruti and Hero MotoCorp were replaced by ONGC and HDFC as top gainers on the Sensex.
Reliance was the top loser on the bourse.
Ambuja Cements and ACC were top losers on the NSE Nifty index while Indiabulls Housing Finance Limited surged 2.87 per cent on the 50-share index.
Hero MotoCorp surges over 2 per cent on the BSE Sensex replacing Maruti as top gainer.
On the NSE Nifty the shares of Hero MotoCorp was trading 1.8 per cent higher.
The stock of the company was trading higher after Hero MotoCorp posted today hiked prices of its products ranging from Rs 500 to Rs 2,200 across models to offset the impact of rising input costs.
The Indian benhmark indices opened on a strong note with a positive bias.
The market looks stable and range-bound.
The S&P BSE Sensex was ruling at 30,026.54, 108.14 points higher while Nifty50 was trading 9,326.80, up 22.75 points.
Shares of Maruti continue to rally as the top gainer on the BSE Sensex, up 1.81 per cent, after strong Q4 results.
"Going forward, a minor resistance for the Nifty is placed at 9367, but looking at the weekly close, we expect it to be surpassed soon. We would continue with our bullish stance on the market and expect the index to gradually march towards our targets of 9500 -9600," said an Angel Broking report.
Asian shares rose to near two-year highs on Tuesday as growing optimism over tech industry earnings and easing concerns over North Korea offset softer-than-expected factory readings in China and the United States.
The Shanghai Composite dipped 0.24 per cent while Hong Kong's Hang Seng Index was ruling at 24,667, up 52.80 points.
Japan's Nikkei rose 0.7 percent.
On Wall Street, although the Dow Jones Industrial Average fell 0.13 percent on Monday, the S&P 500 gained 0.17 percent and the Nasdaq Composite added 0.73 percent to a record closing high.
Notably, the world's five largest companies by market capitalization -- Apple, Alphabet, Microsoft, Amazon and Facebook -- all hit intraday or closing highs - or both - on Monday.