Indian shares eased off early highs and were largely unchanged in lacklustre trade on Wednesday, as gains in auto and realty indexes were offset by losses in pharmaceuticals and energy stocks.
"Investors are cautious at this moment and hence the markets remain range-bound and we see profit-booking after a couple of session of gains," said Neeraj Dewan, director, Quantum Securities.
"It's more stock-specific now rather than the indexes on the whole as there is a lack of clear fundamentals, but the outcome of the Gujarat elections will have a significant say."
The broader NSE Nifty was up 0.13 percent at 10,340.75 as of 0626 GMT, while the benchmark BSE Sensex was 0.25 percent higher at 33,563.29. The indexes are on course for a fifth straight day of gains.
The Nifty Pharma index was down 0.7 percent after gaining over the last couple of sessions while the Nifty Energy Index traded 0.36 percent lower after rising for four consecutive days.
The Nifty Auto index was up 0.4 percent and on track for a fifth session of gains while the Nifty Realty index climbed over 1 percent after closing 1.1 percent lower on Tuesday.
Shares of Zee Entertainment Enterprises rose as much as 4.2 percent to over a year high after Macquarie Research said it was upbeat about the company's prospects.
Shares of Future Retail Ltd were up 8 percent after holding company Future Group said on Tuesday it planned to open 10,000 member-only stores by 2022.