Earlier, stocks specific buying lifted the benchmark nearly 90 points before volatility struck as investors opted for profit taking in the absence of key triggers amid mixed Asian cues.
Most of the sectors including auto, consumer durables, realty, power, capital goods, metal and oil & gas along with midcap and smallcap shares witnessed profit-booking, while key FMCG, IT, tech and banking segments saw buying activity.
The market opened higher at 28,100.84 to surged to 28,118.53 and slipped to a low of 27,969.57 and was quoting at 28,028.04 at 1010 hours, showing a marginal loss of 4.81 points, or 0.02 percent, over its previous close.
The CNX 50-share Nifty also trading down by 1.80 points at 1010 hours to quote 8,380.50 or 0.02 percent.
Major losers were - BHEL (1.28 percent), HDFC Bank (1.22 percent), Heromotocorp (1.18 percent), Tata Motors (1.15 percent), M&M (0.91 percent) and Axis Bank (0.78 percent).
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 71.80 crore yesterday, according to provisional data from the stock exchanges.
Asian markets were trading mixed with negative bias amid fresh data from China signalling a further loss of momentum in China's economy weighing the sentiment, while the yen slid to multi-year lows against the dollar and euro.
Key benchmark indices in Hong Kong, Japan and Taiwan were up by 0.05 pct to 1.09 pct. Key benchmark indices in China, Indonesia, Singapore and South Korea were trading lower by 0.10 percent 0.86 percent.