The benchmark index for Indian equities shed majority of its early gains and was trading on a flat note this afternoon.

At 12.33 p. m. the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) stood at 16,967.92, down 3.78 points than its previous close at 16,971.7 points.

At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty lost 0.05% to trade at 5,082.7 as against its last closure at 5,080.25.

Broader markets still witnessed some buying action with the BSE midcap index trading 0.43% up and the BSE small cap index 0.8% higher.

The overall breadth of the stock market was optimistic, with 1,676 stocks progressing, compared to 1,032 scrips on the fall, whilst 101 remained unchanged.

The majority of other Asian markets were however, ruling in the positive zone.

The benchmark Japanese index, Nikkei, closed 2.2% higher at 10,368.96, whereas the South Korean Kospi surged 1.01% at 1,634.57.

Hong Kong's Hang Seng was trading in the positive zone at 20,717.1, up 0.69%, whereas the Chinese Shanghai composite index surged 0.25% at 3,031.06. (With Input from Agencies)