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Mumbai: Indian shares held modest gains in see-saw trade on Thursday as investors kept to the sidelines ahead of key earnings and a central bank policy review next week.
Sentiment was also weighed down by monthly derivatives contracts which expire on the last Thursday of every month, traders said.
The market rose as much as 0.9 per cent in early deals but slipped into negative territory by the afternoon, before pulling back to close up 0.14 per cent.
"Investors are keeping away from taking fresh positions ahead of key results and the policy review," said Nikhil Thacker, vice-president at Standard Chartered STCI Capital Markets.
The Reserve Bank of India is scheduled to review monetary policy on April 29 and analysts are divided on whether it will raise interest rates to fight three-year high inflation.
Eyes on RBI
Last week, the central bank had increased the proportion of deposits that banks must set aside by 50 basis points to a seven-year high of eight per cent.
The benchmark 30-share BSE index closed 23.04 points higher at 16,721.08 points, with 15 components gaining. The index is 17.6 per cent down so far this year.
In the broader market, losers led gainers 1,468 to 1,263. Volume was light at 368 million shares, compared with a daily average of more than 400 million in the past two weeks.
Top car maker Maruti Suzuki India fell two per cent to Rs745.95 after it posted a surprising 34 per cent fall in quarterly net profit as a large depreciation charge offset higher sales.
Cement maker ACC fell 5.5 per cent to Rs798.10 after its quarterly net profit fell 1.6 per cent.
Top mobile operator Bharti Airtel eased 0.2 per cent to Rs844.20 ahead of its earnings on today. The firm is expected to report a 31 per cent jump quarterly profit, a Reuters poll showed.
ICICI Bank firmed 1.4 per cent to Rs876.40. The bank should report tomorrow that quarterly net profit grew 10 per cent, its slowest growth in four quarters.
Other key companies reporting results next week include Hindustan Unilever, Reliance Energy and top lender State Bank of India.
The 50-share NSE index fell 0.46 per cent to 4,999.85.
Elsewhere in the region, Pakistan's benchmark Karachi Stock Exchange 100 Index fell 165.24, or 1.1 per cent, to close at 15,304.90.
Engro Chemical Pakistan, the nation's second-largest urea maker, fell Rs14.85, or 4.2 per cent, to Rs339. Fauji Fertiliser Bin Qasim, Pakistan's third-largest urea maker, fell Re0.05, or 0.1 per cent, to Rs40.45.
Fauji Fertiliser, posted a 57 per cent decline in first- quarter profit because a plant shutdown reduced production. Net income fell to Rs162.1 million, the company said.
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