Indian markets pared most of its early gains and is trading on a flat note in noon deals on Wednesday. At 12.31 p.m., the Sensex was trading up 8.05 points or 0.03% at 26,938.87 with 16 components gaining. Meanwhile, the Nifty was trading lower by 7.75 points or 0.10% at 8,145.15 with 27 components falling.

Biggest gainers in the 30-share index were Vedanta (5.02%), Hindalco Industries (4.08%), Oil & Natural Gas Corporation (2.79%), Tata Motors (2.10%) and Bajaj Auto (1.94%).

On the other hand, Wipro (1.95%), Bharti Airtel (1.92%), Dr Reddy's Laboratories (1.03%),  ICICI Bank (0.92%), Hindustan Unilever (0.76%) and Axis Bank (0.53%), and  were the major losers in the Sensex.

Market breadth was positive with 1,481 advances against 579 declines.