Mumbai, May 14 (IANS) The key Indian equities pared initial gains to trade on a flat note on Friday morning.

Heavy selling pressure was witnessed in auto and metal stocks.

Around 10.15 a.m., Sensex was trading nearly flat at 48,692.64, higher by just 1.84 points from its previous close of 48,690.80.

It had opened at the day's high of 48,898.93 and has so far touched an intra-day low of 48,485.85 points.

The Nifty50 on the National Stock Exchange was 14,683.40, lower by 13.10 points or 0.09 per cent from its previous close.

The top gainers on the Sensex were Asian Paints, ITC and ICICI Bank, while the major losers were ONGC, Mahindra & Mahindra and Maruti Suzuki India.

--IANS rrb/sn/in