Key barometers were trading in a narrow range near flat line in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 10.43 points or 0.03% at 39,112.53. The Nifty 50 index was trading flat at 11,699.80.

After opening lower, the indices recovered in morning trade and were hovering near flat line in mid-morning trade.

In the broader market, the S&P BSE Mid-Cap index was up 0.20%. The S&P BSE Small-Cap index was up 0.02%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 939 shares rose and 1036 shares fell. A total of 108 shares were unchanged.

Private sector bank stocks witnessed selling pressure. Yes Bank (down 1.47%), ICICI Bank (down 0.72%), IndusInd Bank (down 0.39%), Axis Bank (down 0.35%) and HDFC Bank (down 0.16%) declined. Kotak Mahindra Bank (up 0.48%) and RBL Bank (up 0.14%) edged higher.

PSU Bank stocks were mixed. Allahabad Bank (up 2.45%), Syndicate Bank (up 0.96%), Bank of Baroda (up 0.38%), Punjab National Bank (up 0.13%) and Union Bank of India (up 0.13%) edged higher. Jammu and Kashmir Bank (down 0.34%), State Bank of India (down 0.13%) and Bank of India (down 0.06%) edged lower.

The S&P BSE Bankex declined 55.40 points or 0.16% to 34,347.15.

Shares of IT companies declined. MindTree (down 1.48%), HCL Technologies (down 1.26%), Tech Mahindra (down 0.85%), TCS (down 0.56%), Persistent Systems (down 0.56%), Infosys (down 0.51%), Wipro (down 0.32%), Mphasis (down 0.21%) and Hexaware Technologies (down 0.16%) declined. Oracle Financial Services Software (up 0.59%) edged higher.

The S&P BSE Information Technology index declined 74.04 points or 0.47% to 15,847.08.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 69.36, compared with its close of 69.35 during the previous trading session.