"Benchmark Nifty opened on a positive note and made a high of 11,766.75 in the first half of the session, but then it remained sideways. This positive start was due to fall in crude oil prices and strength in the Indian rupee which are positive factors for the Indian market," said Manish Yadav, Head of Research, CapitalAim.
The BSE Sensex closed 18.17 points lower or 0.05 per cent to 38,963.26 and the Nifty fell by 12.50 points or 0.11 per cent in the red at 11,712.25.
"Market started on a positive note supported by the strong rupee and fall in oil prices. However, gains are capped due to the premium valuation. While a fall in 10-year yield led the bank index to outperform," said Vinod Nair, Head of Research, Geojit Financial Services.
"Market is likely to stay range-bound due to weak global cues while better quarter results may provide an opportunity to accumulate."
Bharti Airtel gained the most on the BSE, followed by ICICI Bank, NTPC, Tata Motors(DVR) and Tata Motors.
Among the top losers were IT major TCS, declining per cent, followed by Hindustan Unilever, HCL Tech, Tata Steel and Infosys.