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The market surrendered its early gains in a choppy session on Thursday as it ended flat.
The BSE Sensex closed at 34,431.97, down 10.08 points, or 0.03 per cent.
The NSE Nifty shut shop at 10,380.45, down 6.15 points, or 0.06 per cent.
Concerns about a rift between the government and the RBI eased.
Profit-booking at every rise pulled back the gains though.
Of the 30-share Sensex pack, 15 were in the green and the rest lost.
Yes Bank led the pack with a gain of 8.35 per cent, followed by Axis Bank, IndusInd Bank, LT, SBI and PowerGrid.
On the other hand, Infy lost big, down 2.9 per cent.
Coal India, NTPC, Sun Pharma, MM and Asian Paints were among poor performers.
In the Nifty space, 25 stocks advanced, 24 declined and 1 remained unchanged.
The BSE IT index was the worst performer, falling 1.78 per cent, along with technology, FMCG and healthcare.
Broader markets such as BSE Midcap and Smallcap indices rallied more than 1 per cent.
The momentum was positive.
Below are a few factors that drove the market today.
1.
Buoyant GST collection: In October, the GST collection crossed an impressive Rs 1 lakh crore barrier, thanks to the festive demand coupled with more stringent anti-tax evasion measures from the government.
2.
Earnings play: While global cues were neutral to positive, the market was volatile amid earnings season at home.
A total of 140-odd companies were scheduled to release their results during the day.
3.
MSME support programme: In a bid to encourage the micro, small and medium enterprises (MSME) sector and help generate employment, Prime Minister Narendra Modi will launch an MSME support programme on Friday.
4.
Easing oil prices: The market was further range bound as oil prices fell.
Both WTI crude oil and Brent Crude lost 0.84 per cent and 0.69 per cent, respectively.
Take it from the expert (Vinod Nair, Head of Research, Geojit Financial Services)
"Market was range bound despite a fall in oil prices and strengthening rupee as investors remain focused on quarter earnings.
Currently, many stocks are trading in the oversold region while turnaround will happen on the basis of change in sector outlook or revival in earnings.
Signs of turnaround were seen in mid and smallcaps which continue to outperform the main indices."
