Benchmark indices were trading flat in afternoon trade, with the NSE Nifty hovering around its 30-days simple moving average of 5521. Selling was seen in auto and pharma stocks while buying was seen in capital goods and power stocks.
Raamdeo Agrawal, Director and Co Founder, Motilal Oswal Financial Services said the current sluggish trend will continue. Fourth quarter earnings, Agrawal said, were below expectations. He has reduced his FY12 Sensex earning per share (EPS) estimate by 4% to Rs 1,210-1,215.