Indian stock markets lost some gains after belling the day on a positive note today.

The 30-share index BSE Sensex was ruling 22 points down than yesterday's closure whereas the broad-based Nifty stood at 5,717 after shedding 7 points.

After rallying for two days, IT scrips witnessed some selling activity.

At 9.45 a. m., the Sensex remained down by over 1% with TCS, which touched an intra-day peak on Tuesday, and Infosys dropped about 1% each.

HCL Technologies grew y 4% after the company posted an increase of 20.72% in its net profit for the three month period ended December 2010.

But, MindTree dropped over 25 accompanied by 43% fall in its net profit during Oct-Dec period.

The sectors, remained in the negative zone comprised power, capital goods, realty, consumer durable. In contrast, banking, metal and auto scrips offered some resistance to the reduction.

Petronet stock surged 3.5% after the company's quarterly profited rose two folds to Rs 171 crore for the three month period ended December 2010.

Bajaj Auto remained 0.7% up ahead of its result declaration.

Exide remained up today with 2% profit after the scrip declined 11% on Tuesday.

Hindustan Construction climbed over 5% as its Lavasa project bagged a surprise respite from the administration. The stock lost 4% on Tuesday.

Mr. Avinash Gorakshakar, head of research, Anagram Stock Broking stated, "The market is likely to remain stock specific rather than index-specific. However, it would possibly remain within a narrow range. On the upper side 5800 could be the resistance and on the downside, the market could maintain yesterday's level."

The BSE Midcap index and the BSE Smallcap index remained up by 0.25% and 0.22% respectively.

Asian bourses remained positive with Chinese stock markets climbing over 1%.

Japan's Nikkei and Hong Kong's Hang Seng also gained approximately 0.5%.