New Delhi [India], September 17 (ANI): Indian benchmark indices ended largely flat on Thursday as domestic markets remained volatile amid elevated crude oil prices, while value buying after the recent correction provided support.

The Nifty 50 index closed at 23,270.60, gaining 53 points or 0.23 per cent, while the BSE Sensex closed at 74,314.59, down 21.86 points or 0.03 per cent.

Vinod Nair, Head of Research, Geojit Investments, said the anticipated US Federal Reserve rate hike, along with easing bond yields, provided temporary support to global equities and strengthened expectations of gradually moderating inflation.

'Despite this, domestic markets remained volatile but ended higher, supported by value buying following the recent correction,' Nair said.

On the National Stock Exchange (NSE), most sectoral indices closed in positive territory, with Nifty PSU Bank, Nifty Private Bank and Nifty Oil and Gas being among the sectors that ended lower.

The Nifty Auto index gained 1.17 per cent, while Nifty Media surged 1.27 per cent. Nifty Metal rose 0.99 per cent, Nifty Pharma gained 1.70 per cent and Nifty FMCG advanced 0.14 per cent.

Among the Nifty 50 stocks, HDFC Life, TMPV, SBI Life, Dr Reddy's and IndiGo were among the top gainers.

On the other hand, ONGC, Titan, Coal India, Bajaj Auto, HCLTech and HDFC Bank were among the major losers.

Market participants continued to keep an eye on crude oil prices, which have moderated from last week's levels but remained elevated. Brent crude was trading at around USD 104 per barrel at the time of reporting.

Vivek Karwa, CEO, Vridhi Investment, told ANI that the markets are currently moving in a range, with crude oil prices preventing a stronger recovery.

He said the market had reacted sharply when crude oil had previously moved towards USD 115-120 per barrel. However, despite crude again remaining above USD 100 per barrel, the market reaction this time has been relatively limited.

Karwa attributed this partly to strong corporate earnings. He said Nifty earnings grew by around 9 per cent, while excluding oil marketing companies, Nifty earnings growth was approximately 13 per cent.

He added that the mid-cap segment delivered around 25-26 per cent earnings growth, while small-cap companies also reported strong results.

'All engines are ready, but they just need a trigger to fire. And that trigger is not coming because of crude oil,' Karwa said.

He added that if crude oil prices fall below USD 80 per barrel, it could provide the trigger for markets to move higher.

In other Asian markets, Japan's Nikkei 225 closed flat at 63,890, while Hong Kong's Hang Seng declined 0.58 per cent to 24,571. South Korea's KOSPI also closed flat at 6,715. Taiwan's Weighted Index gained 0.95 per cent to 46,288, while Singapore's Straits Times rose 0.45 per cent to 5,660.

Meanwhile, precious metals also witnessed some pressure. Silver declined 0.61 per cent to Rs 2,33,363 per kg, while 24-carat gold fell 0.71 per cent to Rs 1,51,380 per 10 grams at the time of reporting. (ANI)