After slipping modestly into the red, frontline indices have recovered and inched back into positive territory. Asian markets continue to be mixed while Europe is modestly weak in early trades.

Sensex is trading higher by 3 points at 11575 at 01.10 PM.

Nifty is now trading higher by just one point at 3387.

Tech Mahindra, which listed on the NSE at Rs521 as against an issue price of Rs365 per share, is holding on to its gains of over 51 per cent. The stock is currently trading at Rs553.

Stocks of oil marketing companies continue to trade with significant gains, though they have come off their early highs. HPCL is now trading more than 3.5 per cent higher and BPCL is up nearly 3 per cent.

Metal stocks have gained ground in early afternoon trades. While Hindalco is holding on to gains of over 1.5 per cent, Nalco has added over a per cent. SAIL is now trading nearly 1.5 per cent higher.

L&T has gained strength and is now trading nearly 2 per cent higher. ABB is now up by over a per cent.

Among other gainers, Ranbaxy and Tata Power are holding on to gains of around 1.5 per cent each while Tata Tea has added nearly 1.5 per cent higher.

Pharma stocks remain weak in afternoon trades as well. Dr Reddy's continues to be the worst performer, with losses of nearly 3.5 per cent. Cipla is down 2 per cent while Sun Pharma and Glaxo continue to trade with losses of around a per cent each.

Gail India has lost further ground and is now down nearly 2 per cent.

Zee Tele has also declined further from its morning levels and has shed well over a per cent.

HDFC continues to trade with losses of over a per cent.

BHEL, Bajaj Auto and Bharti Airtel are all trading with losses of over 0.5 per cent each.

Mid-caps and small caps are holding on to their gains. The NSE mid-cap index is now trading with gains of nearly 0.5 per cent. BSE mid-cap index is trading nearly 0.6 per cent higher and small-cap index is trading more than 0.6 per cent higher. Market breadth on the NSE remains positive with more than 1.5 stocks advancing for every declining stock.

Select mid-cap technology stocks are doing well after the excellent listing of Tech Mahindra. FCS Soft, Aurionpro, R Systems and Saksoft are all trading with gains of around 10 per cent each.

Kabra Extrusiontechnik, Granules India, Pioneer Embroideries, McLeod Russell and Godavari Power & Ispat are among the major mid-cap gainers.

Vaibhav Gems, GKW, Igarashi Motors, India Infoline, Educomp and Magma Leasing are the major mid-cap losers.