The market sharply trimmed early gains and turned almost flat in morning trade. At 10:39 IST, the barometer index, the S&P BSE Sensex, was down 1.11 points at 35,140.88. The Nifty 50 index was down 3.05 points or 0.03% at 10,573.25.

Among secondary barometers, the BSE Mid-Cap index was down 0.05%. The BSE Small-Cap index was down 0.23%.

The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 854 shares rose and 1177 shares fell. A total of 91 shares were unchanged.

Tata Motors (up 2.74%), Adani Ports & Special Economic Zone (up 1.99%), Hero MotoCorp (up 1.81%), Axis Bank (up 1.49%), Larsen & Toubro (up 1.47%) and Maruti Suzuki India (up 1.42%), were the major Sensex gainers.

Mahindra & Mahindra (down 1.35%), Sun Pharmaceutical Industries (down 1.15%), ICICI Bank (down 0.85%), ONGC (down 0.75%) and TCS (down 0.52%), were the major Sensex losers.

Yes Bank was down 8.02%. The bank informed that Ashok Chawla, Non-Executive Independent Part-Time Chairman, has tendered his resignation from the Bank's Board, with immediate effect, mentioning that during the current transition period, the Bank would need a Chairman who could devote more time and attention. The bank shall in due course announce the appointment of a Chairman, post RBI' s approval. The announcement was made after market hours yesterday, 14 November 2018.

Overseas, most Asian shares were trading higher after an improvement in market risk sentiment after British Prime Minister Theresa May said she had obtained enough support for her proposed Brexit deal to move forward. The uncertainty surrounding a deal had earlier weighed on risk sentiment.

US stocks closed lower Wednesday, with the Dow Jones Industrial Average logging its longest losing streak in three months, as blue-chip Apple Inc. flirted with bear-market territory.

Meanwhile, US Federal Reserve Chairman Jerome Powell on Wednesday expressed confidence in US economic strength and said that markets will have to get used to the idea that the central bank could raise rates at any time starting in 2019.

On the US data front, the Labor Department said the consumer-price index rose by 0.3%, while core CPI, excluding volatile food and energy prices, rose 0.2%.