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The market seens to be quite with the Nifty hovering around 7850 mark. The 50-share index is down 7.40 points at 7858.65. The Sensex is down 7.45 points at 25681.41. About 946 shares have advanced, 711 shares declined, and 92 shares are unchanged. Dr Reddy's Labs, Tata Steel, HUL, Lupin and Axis Bank are top gainers while Tata Motors, Hindalco, M&M, ONGC and Bajaj Auto were losers in the Sensex.

Earnings better than expectations compared to the over pesimism which was built on the Street in the past two decades, says Nischal Maheshwari of Edelweiss Securities.The Sensex and Nifty opened on a flat note in trade on Tuesday after Monday's sharp upmove. The Sensex slipped 35 points to hit intraday low of 25,654 and Nifty fell 11 points to hit low of 7,855.Selling pressure was seen in select metal, oil & gas, auto and power stocks.