Indian benchmark indices pared gains to end flat on Thursday and lifted banking heavyweights like HDFC Bank, Kotak Bank and ICICI Bank.

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Meanwhile, Asian shares slumped as the Hong Kong market was hit for the second straight session following a day of massive street protests, while oil prices flirted with five-month lows due to higher US crude inventories and a bleak demand outlook.

The Sensex ended 15 points lower at 39,741, while the broader Nifty50 index added 8 points to end at 11,914. Broader markets underperformed the benchmark indices with the Nifty Midcap down 0.3 percent, and the Nifty Smallcap falling 0.66 percent.

Indiabulls Housing, Zee, BPCL, Grasim and PowerGrid were among the top gainers on the Nifty50, whereas Yes Bank, IndusInd Bank, UPL, IOC and Maruti Suzuki led the losses.

Sectoral indices traded mixed during the day. The Nifty PSU Bank index was the worst performing sector, down 1 percent followed by the Nifty IT, down 0.8 percent and the Nifty Auto, down 0.4 percent for the day. Meanwhile, the Nifty Media rose 1.3 percent, while the Nifty Fin Services and the Nifty Realty were up 0.9 percent and 0.4 percent, respectively.

Indiabulls Housing Finance gained 12 percent after the writ petition alleging financial misdeeds against the mortgage lender was withdrawn. The company said on Wednesday the petitioner had admitted in court that the petition was defective in nature and that he would approach the court after rectifying it.

Among losers, Yes Bank tanked over 13 percent after UBS retained its 'sell' rating on the stock and cut its target price to Rs 90 per share from Rs 170 earlier. On Wednesday, Moody's placed the private sector lender's ratings under review for a possible downgrade citing its high exposure to the struggling NBFC and realty sectors.

IndusInd Bank also fell 4.6 percent after UBS downgraded the stock to 'sell' from 'neutral' and reduced its target price to Rs 1,400 per share from Rs 1,700 earlier.

Jet Airways stock extended loss to fell 16.7 percent after NSE said shares of the debt-laden airline would be pulled out of daily trading from June 28. The exchange cited Jet's failure to respond to queries about rumours in the market as the reason for the removal.

Globally, MSCI’s broadest index of Asia-Pacific shares outside Japan fell as much as 1 percent and was last off 0.6 percent. Hong Kong’s Hang Seng Index tumbled 1.8 percent at one point following Wednesday’s 1.7 percent fall.

First Published:Jun 13, 2019 4:27 PM IST