Mumbai, Aug 12 (IANS): A benchmark index for Indian equities markets Friday was ruling flat about two hours into trade, having given up its opening gains.

The 30-scrip sensitive index (Sensex) of the BSE, which opened at 17,246.88 points, was ruling at 17,036.92 points, down 22.48 points or 0.13 percent compared to its previous close at 17,059.4 points.

The markets have been battered in the past two trading sessions over the US sovereign debt rating downgrade and fears of a double dip recession in the largest economy of the world.

The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading lacklustre at 5,135.8 points, down 0.05 percent.

Mid-to-smaller stocks saw better buying support than heavyweight scrips. The BSE midcap index was ruling 0.43 percent up and the BSE smallcap index was trading 0.87 percent higher.

Consumer durables and realty stocks topped the gainers list, while IT and telecom stocks came under selling pressure.

The market breadth at the BSE was positive with 1,465 stocks moving up, compared to 816 on the decline and 83 remaining unchanged.

Among gainers on the BSE were Jindal Steel, ICICI Bank, M&M and Hero Moto Corp, while losers included Tata Motors, Wipro, Bharti Airtel and HDFC Bank.

Other major Asian markets too were on the rise, after being battered in the last two sessions over the US sovereign debt downgrade.

The benchmark Japanese Nikkei was ruling 0.61 percent lower at 8,926.89 points, while the Chinese Shanghai Composite index nudged up 0.3 percent to 2,589.18 points.

Hong Kong's Hang Seng rose 0.81 percent to rule at 19,754.72 points.