Indian stock markets were trading flat in the afternoon trading on Tuesday after reporting three consecutive sessions of gains.
The 30-share BSE Sensex and the 50-share NSE Nifty both advanced in early trade and touched their highest levels in more than two years before falling back in to the negative territory. The 30-share BSE Sensex hit a new two-year high of 20,155.55 before falling back to 20,094.84, and the 50-share NSE Nifty breached the 6,100 level before falling back to 6,079.65.
Among the 13 sectoral indices in BSE, all the sectors except banking were trading in negative territory. Consumer durable sector declined 1.03 percent and IT sector fell 0.57 percent while heavyweight banking sector rose 0.38 percent.
In banking sector, Kotak Mahindra Bank advanced 1.74 percent, Axis Bank gained 1.11 percent and ICICI Bank rose 1.04 percent.
The overall market breadth was negative with 1140 advanced against 1473 declines. The BSE's Midcap Index declined 0.11 percent to 7,147.57 and Smallcap Index fell 0.01 percent to 7,371.37. CNX midcap Index declined 0.28 percent and CNX IT fell 0.43 percent.
Meanwhile, Asian markets were mixed after the Bank of Japan (BoJ) raised its inflation target and adopted an open-ended asset purchasing program at the end of its two-day policy meeting.
Japanese central bank on Tuesday raised the inflation target to 2 percent from 1 percent and also introduced an open-ended asset purchasing method as part of its aggressive monetary stimulus measures intended to revive the economic growth momentum.