Indian benchmark indices, the Sensex and the Nifty on Tuesday closed flat in a volatile trading session.

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The Sensex closed at 35,216 and the Nifty at 10,718 on Tuesday.

In the broader markets, the Midcap Index underperformed, while the Nifty Bank edged up 238 points to 26,090, due to hint from finance ministry officials’ that RBI is likely to conduct more open market operations (OMO) in current fiscal. This led to major upmove in banking stocks, especially Public Sector Banks.

Outperformance in the banking index is also contributed by the 7% move seen by ICICI Bank post Q4 earnings. Tuesday’s gain for ICICI Bank is the highest in last eight months.

Axis Bank, TCS and Eicher Motors were other major Index gainers, while L&T, Infosys and HDFC dragged.

On the sectoral front, financials supported the upmove by 20 points, while IT stocks dragged by 8 points. In the midcap space, Jubilant Food closed 4% off highs, despite 6-year high same-store-sales growth of 26.4% in January-March quarter. Other noteworthy losers were M&M Fin, PC Jeweller and RBL Bank.

In derivatives, put calls continue to see more traction, with Nifty 10,500 and 10,400 Puts adding 5 lakh and 3 lakh shares each in the open interest. The Nifty May Futures premium narrows to 18 points from Monday’s level of 26 points. Stocks that were active in Futures were, SRF, Jubilant Food and PC Jeweller.

On the global front, Asian stocks closed higher, with the Nikkei 225 reversing early weakness and ending higher by 41.53 points. Topix edged up by 0.37%, with 25 of its 33 subindexes closing higher.

Across the Korean Strait, the benchmark Kospi slipped 0.47% to close at 2,449.81. Mainland markets also saw convincing gains, with the Shanghai composite closing higher by 0.8% at 3,161.60 and the Shenzhen composite edging up 0.77% to 1,836.22.