The BSE Sensex and Nifty are flat in trade after two consecutive days of gains. Most Asian shares fell with investors focusing on meetings of the central banks of Britain and the euro zone for signs of more policy stimulus, after the Bank of Japan kept its policy on hold.
Recent outperformers such as Reliance industries (RELI.NS) shares fall 0.9 percent, Tata Motors (TAMO.NS) shares fall 1.8 percent after gaining 3.1 percent and 7.3 percent respectively in the previous three sessions.
However, the broader losses in the indices were capped by gains in technology shares which extend their gains on hopes of improving sector earnings this year, especially in the United States on easy monetary policy.
Infosys Ltd (INFY.NS) gained 1 percent, marking their highest intraday level since July 2011 while Tata Consultancy Services (TCS.NS) rose 2 percent making a new all-time high.
Elder Pharmaceuticals (ELDP.NS) rose 6 percent after it announced a joint venture with Japan's KOSE Corp which will hold 60 percent in a cosmetics products venture which will help Elder expand it's business base, dealers said.