Indian shares ended flat with a negative bias on Thursday dragged by IT, pharma and FMCG stocks. Negative sentiment in Asian markets and caution amid March-quarter earnings season also capped gains.

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The BSE Sensex closed at 38,981, down 50 points, while the broader NSE Nifty50 ended at 11,725, falling 23 points. Nifty Midcap under-performed benchmark indices, falling 0.7 percent, while the Nifty Smallcap was flat for the day.

Bharti Infratel, YES Bank, PowerGrid, Hero Moto Corp, and HDFC Bank were the top gainers on the Nifty, while Britannia, ZEE, Tata Motors, IndusInd Bank, and ICICI Bank fell the most on the index.

Financials accounted for nearly one-third of the gains on the NSE Nifty. Yes Bank, Kotak Bank, PNB and HDFC Bank gained between 1.4 to 3.6 percent during the day.

Meanwhile, IT firms Infosys and TCS slipped over 2 percent each. Nifty IT index fell over 1.5 percent during the day.

FMCG index fell dragged by Dabur, Britannia, HUL, Colgate as street expects poor Q4 results due to decrease in rural penetration. Dabur slipped 4 percent after its Q4 net profit declined more than 6% on a yearly basis.

TVS Motor Company was down nearly 3 percent after it reported a 19 percent year-on-year (YoY) drop in net profit at Rs 134 crore for the fourth quarter ended March 2019. Tata Motors also fell 3.5 percent for the day.

Jet Airways tanked 9 percent after a news report said bidders for the struggling airline had not yet shown interest in following up on their offers.

63 Moons Technologies hit upper circuit, surging 10 percent, after the country’s top court set aside the firm’s merger with National Spot Exchange Ltd (NSEL) on Tuesday.

Shares of Biocon fell 6.5 percent despite recording a 64 percent jump in its net profit for the quarter ending March 2019.