TCS, Maruti Suzuki, Wipro, Dr Reddy’s Labs and Tata Steel gained more than 2 percent while L&T and ICICI Bank fell nearly 4 percent.
Equity benchmarks remained flat with a negative bias. The Sensex was down 42.98 points at 28008.88 and the Nifty down 6.40 points at 8632.10.
About 1566 shares declined against 1113 advancing shares on the BSE.
Bharat Iyer of JP Morgan said the Nifty has reached his base case target of 8,600 for CY2016. Broad market valuations at about 18x forward earnings are now one standard deviation higher than mean.
He believes bull case target of 9,000 for the Nifty remains in play, particularly if the Goods and Services Tax (GST) legislation is cleared in the monsoon session of Parliament. He remains positive on a 12-month timeframe and believes any correction would be a buying opportunity.