Due to lack of cues, the benchmark index wavered in the noon trade.

The gains made by infrastructure stocks offset losses by banking and metal stocks. Asian stock markets recovered a bit in today’s session as investors awaited the result of the US Fed meet later in the day.

“FIIs have turned net sellers lately, bringing the rupee near crucial support levels of 49 to the dollar. We expect a flat to cautious start today due to the indecisive trend across the globe. The best strategy right now is to sit on the sidelines till the budget. One will also need to grapple with India Inc.’s latest report card. The current yo-yo trend is likely to continue in the near term, though the medium- to long-term outlook is broadly encouraging,” said India Infoline report.

The Sensex was trading down by 46 points at 14,277, whereas Nifty was little changed at 4,243.

“For the day the level of 4275/14400 may act as major hurdle for the day and sustenance of the market above the same will lift the market to an immediate hurdle 4335/14600. On failure to do so and sustenance of the market below 4200 may again turn the sentiment weak. In that case the market may even challenge gap up support levels of 4090/13900 in coming few days. Trade cautiously and follow levels strictly for next few days,” said Kotak Securities report.

Among other benchmarks, the CNX midcap index gained 0.9% while BSE smallcap index surged 1%.

Mr. Pankay Pandey of ICICI Sec said, “The overall trend remains weak and we may see intermittent rallies.”

But, Mr. Pandey remains positive on IDFC and HPCL in the near term.

In the meantime, Sun Pharma gained 2.6% and become the highest gainer among the Sensex stocks. Tata Power increased more than 2.5% whereas RCom zoomed 1.6%.

Capital goods stocks were mostly higher, led by 1.1% of L&T. Gammon India and Punj Lloyd were trading up more than 4%. Among the losers, ICICI Bank, Sterlite Ind and HDFC lost 0.9% to 2.9% respectively.

Worldwide sugar prices hit the highest level in the past three years and the delayed monsoon increases fears on sugar productivity for the coming year. Sugar stocks also remained up.

Asian stock markets recovered modestly in today’s session.

While opining on the trends of Indian bourses for Wednesday, leading brokerage house Sharekhan said, “The market is likely to remain volatile ahead of derivatives expiry for June series and weak global markets may put pressure on domestic indices in early trades.”

It further added, “However, presence of strong bullish sentiment may help the market to turn positive.”

“The Nifty could test higher levels at 4,280 and may dip around 4,200, while the Sensex has a likely support at 14,200 and may face resistance at 14,450,” it concluded.